2026 data · 0.67% property tax · Median home $228,300
New Mexico Mortgage Calculator
A median-priced home in New Mexico ($228,300) costs roughly $1,459 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. New Mexico's effective property tax rate is 0.67% — well below the US average of about 1.0%.
New Mexico median-home monthly payment
$1,459/mo
P&I $1,215 · Tax $127 · Insurance $116
@ $228,300 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in New Mexico
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $112 | $102 | $1,278 |
| $228,300 (state median) | $45,660 | $1,215 | $127 | $116 | $1,459 |
| $300,000 | $60,000 | $1,597 | $168 | $153 | $1,917 |
| $400,000 | $80,000 | $2,129 | $223 | $203 | $2,556 |
| $500,000 | $100,000 | $2,661 | $279 | $254 | $3,195 |
| $750,000 | $150,000 | $3,992 | $419 | $381 | $4,792 |
Calculations use New Mexico's 0.67% effective property tax rate, estimated homeowners insurance at 0.61%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
New Mexico property tax
Effective rate
0.67%
Median home value
$228,300
Median property tax
$1,530/yr
New Mexico has below-average property tax rates. Veterans exemption ($4,000) and head-of-household exemption ($2,000) available. Yield Cap limits annual taxable value increases to 3%.
See our property tax calculator for a state-by-state property tax breakdown, and our New Mexico paycheck calculator to estimate take-home pay against this monthly housing cost.
New Mexico vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| New Mexico (this page) | 0.67% | $228,300 | $1,530 | |
| Colorado | 0.51% | $479,900 | $2,470 | Colorado mortgage → |
| Oklahoma | 0.85% | $174,600 | $1,470 | Oklahoma mortgage → |
| Texas | 1.60% | $268,200 | $4,300 | Texas mortgage → |
| Arizona | 0.60% | $318,000 | $1,898 | Arizona mortgage → |
FAQs about New Mexico mortgages
What is the property tax rate in New Mexico?
New Mexico's effective property tax rate is 0.67%, meaning the average homeowner pays roughly 0.67% of their home's value in property tax annually. On a $228,300 home (the state median), that's about $1,530 per year, or $128 per month added to your mortgage payment.
What is the average monthly mortgage payment in New Mexico?
For a home at New Mexico's median value of $228,300, assuming 20% down, a 30-year fixed mortgage at 7.0%, and New Mexico's 0.67% property tax + estimated insurance, the typical monthly PITI payment is approximately $1,459. This includes $1,215 principal & interest, $127 property tax, and $116 homeowners insurance.
How much income do I need to buy a house in New Mexico?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $62,529 to comfortably afford New Mexico's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $40,716 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is New Mexico a good state to buy a house?
New Mexico's combination of 0.67% property tax (well below the national average of ~1.0%) and median home value of $228,300 make it one of the more affordable states for homeowners. New Mexico has below-average property tax rates.
How does New Mexico property tax compare to neighboring states?
New Mexico's 0.67% rate compares to: Colorado at 0.51%, Oklahoma at 0.85%, Texas at 1.60%, Arizona at 0.60%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does New Mexico have a homestead exemption?
New Mexico offers various property tax relief programs. New Mexico has below-average property tax rates. Veterans exemption ($4,000) and head-of-household exemption ($2,000) available. Yield Cap limits annual taxable value increases to 3%. Check with your county assessor for primary-residence exemptions and senior/disabled programs that may reduce your annual property tax bill.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your New Mexico mortgage, the breakdown on a median-priced home would be: Principal & Interest $1,215, Property Tax $127, Homeowners Insurance $116. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.