Albuquerque, NM Mortgage Calculator
Calculate your estimated mortgage payment for a home in Albuquerque, NM. Pre-filled with Albuquerque's average home price of $310,000, local property tax rate of 0.85%, and typical insurance costs.
$310,000
Avg. Home Price
0.85%
Property Tax Rate
$1,700
Avg. Annual Insurance
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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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? The date of the last payment
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? The date of the last bi-weekly payment
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? Total interest paid
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? Total interest paid if bi-weekly payments made
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? Monthly property tax paid (included in above PITI payment)
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? Monthly Home Insurance paid (included in above PITI payment)
Albuquerque, NM Mortgage Overview
The average home in Albuquerque costs around $310,000. With a 20% down payment of $62,000, you would need a loan of $248,000.
Albuquerque homeowners pay a property tax rate of approximately 0.85%, which translates to about $2,635 per year on the average home. Annual homeowners insurance in Albuquerque averages around $1,700.
What Affects Your Albuquerque Mortgage Payment?
Your monthly PITI payment in Albuquerque includes four components:
- Principal — the portion that reduces your loan balance
- Interest — the cost of borrowing, based on your rate and remaining balance
- Taxes — Albuquerque’s property taxes average 0.85%, higher than the New Mexico state average of 0.8%
- Insurance — homeowners insurance in Albuquerque averages $1,700/year
Tips for Albuquerque Home Buyers
- Compare rates from multiple Albuquerque lenders — even a 0.25% rate difference can save tens of thousands over the life of your loan
- Check your credit score before applying — a higher score means better rates
- Consider bi-weekly payments — paying every two weeks instead of monthly can shave years off your mortgage
- Factor in PMI — if your down payment is less than 20%, you’ll pay Private Mortgage Insurance until you reach 80% loan-to-value
- Look at Albuquerque first-time buyer programs — many New Mexico cities offer down payment assistance or reduced rates for first-time buyers
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