San Miguel County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for San Miguel County, New Mexico based on real HMDA transaction records.

Loan Details

US County (Smart Autofill)

Loan Type

San Miguel County, NM Benchmarks

FHA averages

Typical Property Value$288,103

Average Down Payment12.9%

Average Interest Rate6.393%

Effective Tax Rate0.47%

Median Tax Paid$1,081/yr

Tax Growth (Historical)+5.8%

Based on 58 regional loans totaling $13,310,000 (HMDA database).

Home Price

Down Payment

$37,165 down · $250,938 financed

Interest Rate

Loan Term

yrs

Extra Monthly Principal

Paid directly to principal

Mortgage Start Date

Payoff estimated June 2056

Local & Recurring Costs

Property Tax Rate

$113 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$106 / month

Estimated Monthly Payment

$1,965/mo

Principal & Interest$1,595
Property Tax$113
Home Insurance$150
FHA MIP$106

Amortization · Remaining Balance

Financed Loan Amount

$255,329

Total Interest

$319,025

Total of Payments

$574,354

*Includes financed FHA Upfront MIP of $4,391

Local Market Insights

San Miguel County FHA Mortgage Overview

For San Miguel County homebuyers, the 12.92% average down payment on an FHA loan provides accessible entry, but the 87.08% Loan-to-Value (LTV) ratio means mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan—ideal for those with sub-620 credit. The effective property tax rate of 0.47% is low, yet the 5.8% inflation-adjusted tax increase slightly raises true monthly affordability. When evaluating an FHA loan with PMI and taxes in San Miguel County, NM, the $288,103 average property value and 6.393% rate highlight that a lower down payment here trades upfront savings for permanent MIP costs.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.