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Santa Fe FHA Mortgage Calculator

Estimate your true cost of homeownership in Santa Fe 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

  • ·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?

An FHA buyer in Santa Fe 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?

For a typical FHA loan in Santa Fe 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?

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 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?

The 2025 FHA loan limit for Santa Fe 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?

Beyond principal and interest, FHA buyers in Santa Fe 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.