New Mexico Mortgage Calculator
Calculate your monthly payment in New Mexico, with property tax included using the state's effective rate of 0.70%. See your full amortization schedule and analyze your loan structure.
Pick a state to use its property tax rate. With a keyboard, use the arrow keys and press Enter.
Estimated Monthly Payment
Estimates only. Does not include homeowners insurance, mortgage insurance (PMI), or HOA fees. Property tax uses the state's average effective rate and your actual bill may differ.
Yearly Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
Property tax in New Mexico: the numbers
New Mexico's effective property tax rate is 0.70%, which is 24% below the 0.92% national average. The state shares 34th place with California when the 50 states are ranked from highest rate to lowest.
A median-valued home in New Mexico is worth $248,100 and carries a median property tax of $1,731 per year, or roughly $144 per month. By median home value the state ranks 36th out of 50 (1 = highest), and by median annual property tax it ranks 40th.
| Effective property tax rate | 0.70% |
|---|---|
| Median home value | $248,100 |
| Median annual property tax | $1,731 |
| Rank by rate (1 = highest of 50) | 34 (tied with California) |
| Difference vs 0.92% national average | 0.22 points below (24% below) |
What this means for your monthly payment
Two worked examples for New Mexico, using the figures above:
Example 1: the median home
$1,731 per year ÷ 12 = about $144 per month in property tax (median home value: $248,100).
Example 2: a $300,000 home
$300,000 × 0.70% ÷ 12 = about $175 per month, or $2,100 per year.
At the 0.92% national average rate, a $300,000 home would have about $2,760 in property tax per year. In New Mexico it is about $2,100, which is $660 less per year (about $55 less per month).
Compare with similar states
States ranked just above and just below New Mexico by effective property tax rate (1 = highest). States with the same rate are ordered by median annual tax.
Ranked just above (higher rate)
- Indiana — 0.74% (rank 30)
- Virginia — 0.73% (rank 31)
- Montana — 0.72% (rank 32)
- Mississippi — 0.72% (rank 32)
- California — 0.70% (rank 34)
Ranked just below (lower rate)
- North Carolina — 0.66% (rank 36)
- Wyoming — 0.57% (rank 37)
- Louisiana — 0.55% (rank 38)
- Arkansas — 0.55% (rank 38)
- West Virginia — 0.53% (rank 40)
New Mexico property tax FAQ
What is the property tax rate in New Mexico?
The effective property tax rate in New Mexico is 0.70%. That is 24% below the 0.92% national average, and the state shares 34th place with California when the 50 states are ranked from highest rate to lowest.
How much is property tax on a $300,000 home in New Mexico?
At New Mexico's effective rate of 0.70%, property tax on a $300,000 home works out to about $2,100 per year, or about $175 per month. At the 0.92% national average, the same home would be about $2,760 per year, so New Mexico is about $660 less per year.
How much is property tax on the median home in New Mexico?
The median home value in New Mexico is $248,100, and the median annual property tax is $1,731, which is about $144 per month.
Does the property tax rate vary inside New Mexico?
Yes. Property taxes are set locally, so actual bills depend on your county, city, and exemptions. The 0.70% figure is a state-level estimate based on medians, not a rate that applies to every home.
Figures are estimates based on Census data and are not tax or financial advice. Actual bills depend on your local rates, assessed value and exemptions.
Source: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates, as compiled by PropertyShark and PropertyTaxByState.