Mortgage Calculator & Closing Costs: Silver City, NM
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Silver City, New Mexico.
Median Home Price
$215K
Population
10K
Avg Monthly Rent
$880
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 Silver City.
Silver City vs New Mexico Median
The median home price in Silver City is $215,000, which is 23% below the New Mexico state median of $280,000.
Mortgage Calculator — Silver City, NM
Pre-filled with Silver City median home price and New Mexico tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $215K home using New Mexico's 0.8% tax rate and $1,900/yr insurance.
5% Down
$1,712/mo
Down: $10,750
Loan: $204K
P&I: $1,291
Tax: $143
Insurance: $158
PMI: $119
10% Down
$1,638/mo
Down: $21,500
Loan: $194K
P&I: $1,223
Tax: $143
Insurance: $158
PMI: $113
20% Down (No PMI)
$1,389/mo
Down: $43,000
Loan: $172K
P&I: $1,087
Tax: $143
Insurance: $158
Income needed (28% rule): $60K/year with 20% down, $70K/year with 10% down.
Rent vs Buy in Silver City
Rent
$880/mo
vs
Buy (10% down)
$1,638/mo
Price-to-rent ratio: 20.4 — At a ratio above 20, renting may be more economical in Silver City for shorter stays. Buying costs $758 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 Silver City is $215,000, 23% below the New Mexico state median of $280,000. With a population of 9,637, Silver City is a smaller market 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 $215,000 home in Silver City would carry roughly $143/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 Silver City is $880/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.
Silver City offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New Mexico's MFA First Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Silver City.