Mortgage on a $350K house in New Mexico
$2,243 a month with 20% down — $1,884 principal and interest plus $185 property tax and $175 insurance.
New Mexico's typical property tax is 0.63% of the home's value a year (U.S. average 0.9%), which adds $185 a month on a $350K home. The typical home in New Mexico is worth $315,812, so $350K is 11% above the typical price.
$350K 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 | $70,000 | $280,000 | $1,884 | $0 | $360 | $2,243 | $96,100 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $360 | $2,610 | $111,800 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $360 | $2,735 | $117,200 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $360 | $2,826 | $121,100 |
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 $350K buy a typical home?
In these counties the typical home value is within 15% of $350K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Bernalillo County | $347,674 | 0.9% | $2,320 |
| Lincoln County | $335,919 | 0.53% | $2,214 |
| Rio Arriba County | $331,139 | 0.42% | $2,181 |
| Sandoval County | $373,280 | 0.73% | $2,272 |
| Valencia County | $318,413 | 0.62% | $2,238 |
26 of 30 New Mexico counties tracked by Zillow have a typical home value at or below $350K. See all New Mexico home prices.
Other prices in New Mexico
Frequently asked questions
What is the mortgage on a $350K house in New Mexico?
About $2,243 a month with 20% down at 7.11%: $1,884 principal and interest, $185 property tax and $175 insurance.
How much do I need to make to buy a $350K house in New Mexico?
About $96,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in New Mexico?
At New Mexico's typical effective rate of 0.63%, about $2,214 a year. Rates vary by county and city — see the county pages.