Mortgage on a $300K house in New Mexico
$1,923 a month with 20% down — $1,614 principal and interest plus $158 property tax and $150 insurance.
New Mexico's typical property tax is 0.63% of the home's value a year (U.S. average 0.9%), which adds $158 a month on a $300K home. The typical home in New Mexico is worth $315,812, so $300K is 5% below the typical price.
$300K 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 | $60,000 | $240,000 | $1,614 | $0 | $308 | $1,923 | $82,400 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $308 | $2,237 | $95,900 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $308 | $2,344 | $100,500 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $308 | $2,422 | $103,800 |
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 $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Dona Ana County | $285,351 | 0.67% | $1,932 |
| Valencia County | $318,413 | 0.62% | $1,919 |
| San Juan County | $273,559 | 0.68% | $1,934 |
| Rio Arriba County | $331,139 | 0.42% | $1,869 |
| Lincoln County | $335,919 | 0.53% | $1,898 |
22 of 30 New Mexico counties tracked by Zillow have a typical home value at or below $300K. See all New Mexico home prices.
Other prices in New Mexico
Frequently asked questions
What is the mortgage on a $300K house in New Mexico?
About $1,923 a month with 20% down at 7.11%: $1,614 principal and interest, $158 property tax and $150 insurance.
How much do I need to make to buy a $300K house in New Mexico?
About $82,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in New Mexico?
At New Mexico's typical effective rate of 0.63%, about $1,898 a year. Rates vary by county and city — see the county pages.