Mortgage Calculator & Closing Costs: Las Cruces, NM
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Las Cruces, New Mexico.
Median Home Price
$265K
Population
111K
Avg Monthly Rent
$1,050
Property Tax Rate
0.8% *
* Property tax shown is the New Mexico state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Las Cruces.
Las Cruces vs New Mexico Median
The median home price in Las Cruces is $265,000, which is 5% below the New Mexico state median of $280,000.
Mortgage Calculator — Las Cruces, NM
Pre-filled with Las Cruces median home price and New Mexico tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $265K home using New Mexico's 0.8% tax rate and $1,900/yr insurance.
5% Down
$2,073/mo
Down: $13,250
Loan: $252K
P&I: $1,591
Tax: $177
Insurance: $158
PMI: $147
10% Down
$1,982/mo
Down: $26,500
Loan: $239K
P&I: $1,507
Tax: $177
Insurance: $158
PMI: $139
20% Down (No PMI)
$1,675/mo
Down: $53,000
Loan: $212K
P&I: $1,340
Tax: $177
Insurance: $158
Income needed (28% rule): $72K/year with 20% down, $85K/year with 10% down.
Rent vs Buy in Las Cruces
Rent
$1,050/mo
vs
Buy (10% down)
$1,982/mo
Price-to-rent ratio: 21.0 — At a ratio above 20, renting may be more economical in Las Cruces for shorter stays. Buying costs $932 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Las Cruces is $265,000, 5% below the New Mexico state median of $280,000. With a population of 111,385, Las Cruces is a mid-size city where home prices tend to be more accessible than in many parts of New Mexico.
Property taxes in New Mexico average 0.8% annually. This moderate property tax rate means a $265,000 home in Las Cruces would carry roughly $177/month in property taxes. Homeowners insurance in New Mexico runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Las Cruces is $1,050/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Las Cruces presents moderate affordability. The $265K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Las Cruces.