New Mexico First-Time Homebuyer Calculator
First-time homebuyer costs in New Mexico: $9,975 FHA down payment, $7,125 closing costs, 0.8% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for New Mexico. Includes down payment, closing costs (2.5%), PMI (required below 20% down), property tax (0.8%), and homeowners insurance ($1,780/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
New Mexico homebuyer facts: Median price $285,000 | 20% down = $57,000 | FHA 3.5% down = $9,975 | Closing costs ~$7,125 | Property tax 0.8% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in New Mexico?
For New Mexico's median home ($285,000): FHA minimum down payment is $9,975 (3.5%), plus $7,125 in closing costs. Total minimum: ~$17,100. With 20% down to avoid PMI: ~$64,125.
What are closing costs in New Mexico?
New Mexico closing costs average 2.5% of the home price, or about $7,125 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0%.
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