New Mexico mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, your principal and interest, taxes, insurance, and PMI in New Mexico. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

New Mexico housing market

New Mexico, the Land of Enchantment, is one of the more expensive states for homeow...ners, with the median homeowner spending almost 21% of their income on their home. In 2018, the median home value in the state grew 8.4%, but is predicted to dramatically slow down in 2019. Living in New Mexico can also take you to new heights, literally: at 7,000 feet above sea level, Santa Fe is the highest capital city in the US.

Your monthly payment
30 year fixed loan term
Monthly payment
Principal & interest


Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types
Total principal: $240,000
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,009$1,453
Mortgage Rate4.125%2.261%*3.038%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,009$1,453
Mortgage Rate4.125%2.261%*3.038%*
Total interest paid

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
drag me

We’ll share an interesting insight here for key milestones in your payoff schedule.

Refine Results
See latest mortgage rates
Get personalized mortgage rates from San Francisco, CA.
Principal & interest


Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

New Mexico mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate2.970%3.028%
20-year fixed-rate2.708%2.790%
15-year fixed-rate2.150%2.253%
10-year fixed-rate2.163%2.262%
7/1 ARM2.573%3.133%
5/1 ARM2.481%3.204%
30-year fixed-rate FHA2.333%3.034%
30-year fixed-rate VA2.517%2.813%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

30-year fixed

Today’s mortgage rates in New Mexico are 3.028% for a 30-year fixed, 2.253% for a 15-year fixed, and 3.204% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.


First-time home buyer programs in New Mexico

There are several national first-time home buyer programs that may be able to help you get into a home in New Mexico.

Conventional mortgage

National program

What you need to know

Best for home buyers with good credit looking for low down payments or limited mortgage insurance premiums. A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie...

See full article

Average property tax in New Mexico counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in New Mexico. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

Avg. property tax rate
Avg. home value
Bernalillo County0.94%$198,000
Catron County0.32%$164,600
Chaves County0.66%$120,100
Cibola County0.48%$89,800
Colfax County0.48%$105,900
Curry County0.54%$131,200
De Baca County0.54%$67,700
DoÒa Ana County0.72%$145,200
Eddy County0.51%$143,100
Grant County0.44%$125,300
Guadalupe County0.58%$81,100
Harding County0.32%$67,800
Hidalgo County0.48%$81,200
Lea County0.55%$148,500
Lincoln County0.53%$171,900
Los Alamos County0.63%$285,300
Luna County0.59%$83,800
McKinley County0.43%$72,300
Mora County0.32%$109,100
Otero County0.49%$118,000
Quay County0.55%$72,200
Rio Arriba County0.11%$167,100
Roosevelt County0.48%$114,300
Sandoval County0.72%$198,800
San Juan County0.55%$156,300
San Miguel County0.49%$132,900
Santa Fe County0.51%$292,600
Sierra County0.37%$99,600
Socorro County0.56%$103,000
Taos County0.32%$218,400
Torrance County0.61%$111,700
Union County0.39%$89,500
Valencia County0.67%$131,100

Source: American Communities Survey 2016, U.S. Census

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE: 

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: 

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if: