Mortgage payment estimates, closing cost breakdowns, and homebuying data for Santa Fe, New Mexico.
Median Home Price
$575K
Population
88K
Avg Monthly Rent
$1,750
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 Santa Fe.
Santa Fe vs New Mexico Median
The median home price in Santa Fe is $575,000, which is 105% above the New Mexico state median of $280,000.
Mortgage Calculator — Santa Fe, NM
Pre-filled with Santa Fe median home price and New Mexico tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $575K home using New Mexico's 0.8% tax rate and $1,900/yr insurance.
5% Down
$4,313/mo
Down: $28,750
Loan: $546K
P&I: $3,453
Tax: $383
Insurance: $158
PMI: $319
10% Down
$4,114/mo
Down: $57,500
Loan: $518K
P&I: $3,271
Tax: $383
Insurance: $158
PMI: $302
20% Down (No PMI)
$3,449/mo
Down: $115,000
Loan: $460K
P&I: $2,908
Tax: $383
Insurance: $158
Income needed (28% rule): $148K/year with 20% down, $176K/year with 10% down.
Rent vs Buy in Santa Fe
Rent
$1,750/mo
vs
Buy (10% down)
$4,114/mo
Price-to-rent ratio: 27.4 — At a ratio above 20, renting may be more economical in Santa Fe for shorter stays. Buying costs $2,364 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 Santa Fe is $575,000, 105% above the New Mexico state median of $280,000. With a population of 87,505, Santa Fe is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in New Mexico average 0.8% annually. This moderate property tax rate means a $575,000 home in Santa Fe would carry roughly $383/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 Santa Fe is $1,750/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.
Santa Fe is a higher-cost market. At $575K median, buyers need significant savings or strong income. Down payment assistance through New Mexico's MFA First Home program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Santa Fe.