Mortgage on a $250K house in New Mexico
$1,602 a month with 20% down — $1,345 principal and interest plus $132 property tax and $125 insurance.
New Mexico's typical property tax is 0.63% of the home's value a year (U.S. average 0.9%), which adds $132 a month on a $250K home. The typical home in New Mexico is worth $315,812, so $250K is 21% below the typical price.
$250K 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 | $50,000 | $200,000 | $1,345 | $0 | $257 | $1,602 | $68,700 |
| 10% down | $25,000 | $225,000 | $1,514 | $94 | $257 | $1,864 | $79,900 |
| 5% down | $12,500 | $237,500 | $1,598 | $99 | $257 | $1,953 | $83,700 |
| 3.5% down (FHA) | $8,750 | $245,472 | $1,651 | $111 | $257 | $2,019 | $86,500 |
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 $250K buy a typical home?
In these counties the typical home value is within 15% of $250K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Eddy County | $247,965 | 0.52% | $1,578 |
| San Miguel County | $246,341 | 0.57% | $1,590 |
| Colfax County | $244,949 | 0.52% | $1,578 |
| Otero County | $229,953 | 0.55% | $1,586 |
| San Juan County | $273,559 | 0.68% | $1,612 |
| Torrance County | $217,224 | 0.45% | $1,564 |
| McKinley County | $216,464 | 2% | $1,887 |
| Dona Ana County | $285,351 | 0.67% | $1,610 |
20 of 30 New Mexico counties tracked by Zillow have a typical home value at or below $250K. See all New Mexico home prices.
Other prices in New Mexico
Frequently asked questions
What is the mortgage on a $250K house in New Mexico?
About $1,602 a month with 20% down at 7.11%: $1,345 principal and interest, $132 property tax and $125 insurance.
How much do I need to make to buy a $250K house in New Mexico?
About $68,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $250K house in New Mexico?
At New Mexico's typical effective rate of 0.63%, about $1,581 a year. Rates vary by county and city — see the county pages.