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Socorro County FHA Loan Calculator

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

Loan Details

Socorro County, NM Benchmarks

FHA averages
Typical Property Value$226,176
Average Down Payment11.1%
Average Interest Rate6.360%
Effective Tax Rate0.58%
Median Tax Paid$838/yr
Tax Growth (Historical)+2.6%
Based on 34 regional loans totaling $6,320,000 (HMDA database).
$
%

$25,106 down · $201,070 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$109 / month

$

Annual premium

$

Per month

%

$85 / month

Estimated Monthly Payment

$1,619/mo

  • Principal & Interest$1,274
  • Property Tax$109
  • Home Insurance$150
  • FHA MIP$85
Amortization · Remaining Balance

Financed Loan Amount

$204,589

Total Interest

$254,182

Total of Payments

$458,771

*Includes financed FHA Upfront MIP of $3,519

Local Market Insights

Socorro County FHA Mortgage Overview

Socorro County homebuyers utilizing FHA loans are making a prudent entry with an 11.10% down payment, well above the 3.5% minimum, yet still requiring mandatory Mortgage Insurance Premiums (MIP) for the loan's life due to the 88.90% loan-to-value ratio. This FHA structure is ideal for those with sub-620 credit scores, as it offers accessible financing. The 0.58% property tax rate is low, but the 2.6% inflation-adjusted increase will slightly raise monthly costs on the $226,176 average property. For a complete picture of FHA loan down payment specifics and property tax integration in Socorro County, New Mexico, consult a local lender.

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.