Mortgage on a $150K house in New Mexico
$961 a month with 20% down — $807 principal and interest plus $79 property tax and $75 insurance.
New Mexico's typical property tax is 0.63% of the home's value a year (U.S. average 0.9%), which adds $79 a month on a $150K home. The typical home in New Mexico is worth $315,812, so $150K is 53% below the typical price.
$150K home in New Mexico: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $30,000 | $120,000 | $807 | $0 | $154 | $961 | $41,200 |
| 10% down | $15,000 | $135,000 | $908 | $56 | $154 | $1,118 | $47,900 |
| 5% down | $7,500 | $142,500 | $959 | $59 | $154 | $1,172 | $50,200 |
| 3.5% down (FHA) | $5,250 | $147,283 | $991 | $66 | $154 | $1,211 | $51,900 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.63% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in New Mexico does $150K buy a typical home?
In these counties the typical home value is within 15% of $150K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Roosevelt County | $144,463 | 0.45% | $939 |
| Cibola County | $159,086 | 0.8% | $982 |
| Curry County | $159,828 | 0.59% | $957 |
| Luna County | $163,798 | 0.54% | $949 |
| Chaves County | $171,293 | 0.6% | $957 |
5 of 30 New Mexico counties tracked by Zillow have a typical home value at or below $150K. See all New Mexico home prices.
Other prices in New Mexico
Frequently asked questions
What is the mortgage on a $150K house in New Mexico?
About $961 a month with 20% down at 7.11%: $807 principal and interest, $79 property tax and $75 insurance.
How much do I need to make to buy a $150K house in New Mexico?
About $41,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $150K house in New Mexico?
At New Mexico's typical effective rate of 0.63%, about $949 a year. Rates vary by county and city — see the county pages.