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Santa Fe County FHA Mortgage Calculator

Estimate your true cost of homeownership in Santa Fe County with localized property taxes, insurance, and utility data.

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Est. Total Monthly Cost
$4,335
P&I Payment$3,631
Taxes & Ins$289
Utilities$151
Also calculate:Conventional CalculatorVA Calculator

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Mortgage Details

$585,135
Local Median: $585,135
$20,480 (3.5%)
%

Used with your down payment to fetch a live, scenario-specific rate.

Local Area Costs

Mortgage Insurance (MIP)$263/mo
Upfront MIP (UFMIP) (financed)$9,881

FHA charges MIP regardless of down payment; UFMIP is financed into the loan.

Upfront costs

One-time costs to open your FHA loan.

Down payment (cash)
$20,480
3.5% of price
Upfront MIP (UFMIP)
$9,881
1.75% · financed into loan
Financed loan amount
$574,536
incl. UFMIP
Monthly$4,335

Monthly Breakdown

Principal & Interest
$3,631
Property Taxes
$188
Homeowners Ins.
$100
Mortgage Insurance (MIP)
$263
Utilities
$151

Amortization Schedule

Loan balance and total interest paid over 30 years.

Total Interest
$732,789

Local Housing Facts for Santa Fe County

  • ·Median home value: $585,135 (adjusted for current market conditions)
  • ·Est. property taxes: $2,261/yr — pre-loaded from county assessment data
  • ·Homeowners insurance (HO-3): $1,205/yr — based on local per-$1K premium rates
  • ·Energy utilities: $1,814/yr — sourced from DOE LEAD survey data
  • ·Flood insurance: optional — toggled off by default, estimate based on FEMA risk profile

Frequently Asked Questions

What is the FHA upfront mortgage insurance premium (MIP) for a home in Santa Fe County, NM?

An FHA buyer in Santa Fe County, NM borrowing $564,655 (with 3.5% down on a median $585,135 home) pays an upfront mortgage insurance premium (MIP) of $9,881 — equal to 1.75% of the base loan amount. This upfront MIP is typically financed into the loan balance rather than paid at closing, increasing the total loan amount to approximately $574,536.

How much is the monthly FHA mortgage insurance in Santa Fe County, NM?

For a typical FHA loan in Santa Fe County, NM with a base loan amount of $564,655, the annual MIP rate is 0.55% — adding approximately $259/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.

Does FHA mortgage insurance go away in Santa Fe County, NM?

Unlike conventional PMI — which automatically cancels at 80% LTV under the Homeowners Protection Act — FHA annual MIP on loans with less than 10% down does not fall off. For FHA buyers in Santa Fe County, NM putting 3.5% down, this means ongoing monthly MIP payments of approximately $259/month for the life of the loan. To eliminate MIP, borrowers must refinance into a conventional loan once they reach 20% equity, or put 10%+ down at origination (MIP then cancels after 11 years).

Am I eligible for FHA financing in Santa Fe County, NM?

The 2025 FHA loan limit for Santa Fe County, NM is $569,250 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $585,135) with 3.5% down would have a base loan amount of approximately $564,655, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.

What is the true all-in monthly cost of owning an FHA-financed home in Santa Fe County, NM?

Beyond principal and interest, FHA buyers in Santa Fe County, NM with a median $585,135 home can expect approximately $2,261/yr in property taxes, $1,205/yr for homeowners insurance, $1,814/yr in energy utilities, and $259/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $699/month to the required payment in Santa Fe County, NM.