New Mexico Closing Costs Calculator
Estimate closing costs for buying a home in New Mexico. Average closing costs run 1.4% of the purchase price (about $4K on the median home).
New Mexico: Avg closing costs 1.4% of price. Transfer tax: 0%.
Lender Fees
$2,441
origination, underwriting
Third-Party
$2,850
appraisal, title, inspection
Government Fees
$0
transfer taxes, recording
Prepaids + Escrow
$4,010
taxes, insurance, interest
Itemized Costs
Loan Origination (0.8%)$2,016
Underwriting Fee$350
Credit Report$75
Appraisal$550
Home Inspection$450
Title Search + Insurance$1,700
Recording Fee$150
Prepaid Taxes (3 mo)$560
Prepaid Insurance (12 mo)$1,900
Prepaid Interest (15 days)$673
Escrow Reserves$877
Total Closing Costs$9,301
New Mexico Housing at a Glance
Median Home Price
$280K
New Mexico statewide
Property Tax Rate
0.8%
$187/mo on median
Avg Closing Costs
$4K
1.4% of purchase price
Homeowners Insurance
$1,900/yr
$158/mo
New Mexico First-Time Buyer Program
MFA First Home
Down payment assistance: FIRSTDown DPA assistance