Mortgage Calculator New Mexico

Our mortgage calculator New Mexico is an invaluable tool to assist you in your homebuying journey. By utilizing the New Mexico mortgage calculator, you can easily estimate your monthly mortgage payments, allowing you to plan your budget with precision.

5%

1%

5%

1421

Monthly Payment

Principal & Interest 1421

Monthly Taxes 1421

Monthly HOA 1421

Monthly Insurance 1421

Whether you're a first-time buyer or a seasoned homeowner, our mortgage payment calculator New Mexico provides you with insights that empower confident financial decisions. 

mortgage calculator New Mexico

Current Mortgage Rates In New Mexico

Staying informed about New Mexico mortgage rates and the dynamics of the housing market is crucial for anyone considering a home purchase or refinancing in the state.

As of August 12, 2023, the current mortgage rates in New Mexico are as follows:

  • 30-year fixed mortgage: 6.81%
  • 15-year fixed mortgage: 6.21%
  • 5-year adjustable-rate mortgage (ARM): 6.01%
  • 7-year ARM: 6.11%

Your ability to secure a favorable interest rate depends on various factors, including your credit score, down payment, and the type of mortgage you choose. By understanding the intricacies of New Mexico mortgage trends and market conditions, you can make informed decisions that align with your financial goals.

Click For More Updated Data: Mortgage Calculator WV

Albuquerque Mortgage Calculator

Albuquerque mortgage calculator that you can use to estimate your monthly mortgage payment:

Mortgage Calculator

  • Purchase price: $300,000
  • Down payment: 20%
  • Interest rate: 6.81%
  • Loan term: 30 years

Monthly payment: $1,778

Learn More From Here: Mortgage Calculator MO

Albuquerque Mortgage Rates

  • 30-year fixed mortgage: 6.81%
  • 15-year fixed mortgage: 6.21%
  • 5-year adjustable-rate mortgage (ARM): 6.01%
  • 7-year ARM: 6.11%

Santa Fe Mortgage Rates

  • 30-year fixed mortgage: 6.81%
  • 15-year fixed mortgage: 6.21%
  • 5-year adjustable-rate mortgage (ARM): 6.01%
  • 7-year ARM: 6.11%

Las Cruces Mortgage Rates

  • 30-year fixed mortgage: 6.81%
  • 15-year fixed mortgage: 6.21%
  • 5-year adjustable-rate mortgage (ARM): 6.01%
  • 7-year ARM: 6.11%

New Mexico Mortgage Lenders

  1. Guaranteed Rate
  2. Quicken Loans
  3. Rocket Mortgage
  4. Navy Federal Credit Union
  5. USAA
  6. First Horizon Home Loans
  7. PNC Mortgage
  8. Bank of America
  9. Wells Fargo
  10. SunTrust Mortgage

New Mexico First-Time Home Buyer Grants

Here are some first-time home buyer grants available in New Mexico:


New Mexico Housing Finance Authority (NHFA) First-Time Homebuyer Downpayment Assistance Program: This program offers grants of up to $15,000 to first-time home buyers who purchase a home in a targeted area. The home must be appraised at less than $300,000 and the buyer must have a minimum credit score of 640.


New Mexico Mortgage Finance Authority (NMMFA) Homebuyer Assistance Program: This program offers grants of up to $5,000 to first-time home buyers who purchase a home in a targeted area. The home must be appraised at less than $250,000 and the buyer must have a minimum credit score of 620.


New Mexico Veterans' Housing Assistance Program: This program offers grants of up to $10,000 to veterans who purchase a home in New Mexico. The home must be appraised at less than $425,000 and the buyer must have a minimum credit score of 620. [mortgage calculator New Mexico]

More Info Here: MS Mortgage Calculator

What Credit Score Is Needed To Buy A House In NM?

The minimum credit score needed to buy a house in New Mexico is 620. However, you will have more options and better interest rates if your credit score is higher. A credit score of 740 or higher will qualify you for the best interest rates. [mortgage calculator New Mexico]

How Much Is A Downpayment For A House New Mexico?

The minimum down payment for a house in New Mexico is 3% of the purchase price. However, you may be able to get a loan with a lower down payment if you have a good credit score and you are willing to pay private mortgage insurance (PMI). PMI is an insurance that lenders require for borrowers with less than 20% down payment. [mortgage calculator New Mexico]

Mortgage Calculator New Mexico- FAQs:

Why are houses so cheap in New Mexico?

There are a few reasons why houses are so cheap in New Mexico. This means that there is less demand for housing in New Mexico, which drives down prices. Another reason is that New Mexico has a high unemployment rate. This makes it difficult for people to qualify for mortgages, which also drives down prices.

What does it take to buy a house in NM?

To buy a house in New Mexico, you will need to have a down payment of at least 3% of the purchase price. You will also need to have a good credit score, typically 620 or higher. You will need to provide proof of income and employment, and you will need to pass a homebuyer's education course.

Why are houses so cheap in New Mexico?

There are a few reasons why houses are so cheap in New Mexico. This means that there is less demand for housing in New Mexico, which drives down prices. Another reason is that New Mexico has a high unemployment rate. This makes it difficult for people to qualify for mortgages, which also drives down prices.

Mortgage Calculator New Mexico