Albuquerque vs El Paso: Mortgage Cost Comparison
Thinking about buying in Albuquerque or El Paso? Here's a side-by-side comparison of mortgage costs in both cities.
$1,929
Albuquerque PITI
$1,601
El Paso PITI
$328/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Albuquerque vs El Paso: Full Mortgage Comparison
Buying a home in El Paso is $328/month cheaper based on average home prices and local costs.
| Albuquerque, NM | El Paso, TX | |
|---|---|---|
| Avg. Home Price | $310,000 | $215,000 |
| Down Payment (20%) | $62,000 | $43,000 |
| Loan Amount | $248,000 | $172,000 |
| Property Tax Rate | 0.85% | 1.75% |
| Annual Property Tax | $2,635 | $3,763 |
| Annual Insurance | $1,700 | $2,400 |
| Monthly P&I | $1,568 | $1,087 |
| Monthly PITI | $1,929 | $1,601 |
| Total Interest (30yr) | $316,310 | $219,377 |
What Drives the Difference?
Home prices are the biggest factor — Albuquerque’s average home costs $95,000 more than El Paso’s.
Property taxes also favor Albuquerque — El Paso’s 1.75% rate is higher than Albuquerque’s 0.85%.
Insurance is $700/year more in El Paso.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Albuquerque | El Paso | |
|---|---|---|
| Monthly PITI | $1,929 | $1,601 |
| Income needed | $82,662 | $68,603 |
Try Your Own Numbers
The calculator above is pre-filled with Albuquerque’s averages. Adjust the values to match your situation, or try the El Paso calculator for El Paso-specific numbers.