Mortgage on a $200K house in New Mexico
$1,282 a month with 20% down — $1,076 principal and interest plus $105 property tax and $100 insurance.
New Mexico's typical property tax is 0.63% of the home's value a year (U.S. average 0.9%), which adds $105 a month on a $200K home. The typical home in New Mexico is worth $315,812, so $200K is 37% below the typical price.
$200K 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 | $40,000 | $160,000 | $1,076 | $0 | $205 | $1,282 | $54,900 |
| 10% down | $20,000 | $180,000 | $1,211 | $75 | $205 | $1,491 | $63,900 |
| 5% down | $10,000 | $190,000 | $1,278 | $79 | $205 | $1,563 | $67,000 |
| 3.5% down (FHA) | $7,000 | $196,378 | $1,321 | $88 | $205 | $1,615 | $69,200 |
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 $200K buy a typical home?
In these counties the typical home value is within 15% of $200K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Socorro County | $197,130 | 0.61% | $1,278 |
| Lea County | $196,513 | 0.48% | $1,256 |
| Catron County | $212,317 | 0.36% | $1,237 |
| McKinley County | $216,464 | 2% | $1,510 |
| Torrance County | $217,224 | 0.45% | $1,251 |
| Sierra County | $180,323 | 0.52% | $1,263 |
| Grant County | $178,942 | 0.46% | $1,253 |
| Chaves County | $171,293 | 0.6% | $1,276 |
| Otero County | $229,953 | 0.55% | $1,269 |
13 of 30 New Mexico counties tracked by Zillow have a typical home value at or below $200K. See all New Mexico home prices.
Other prices in New Mexico
Frequently asked questions
What is the mortgage on a $200K house in New Mexico?
About $1,282 a month with 20% down at 7.11%: $1,076 principal and interest, $105 property tax and $100 insurance.
How much do I need to make to buy a $200K house in New Mexico?
About $54,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $200K house in New Mexico?
At New Mexico's typical effective rate of 0.63%, about $1,265 a year. Rates vary by county and city — see the county pages.