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Torrance County FHA Loan Calculator

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

Loan Details

Torrance County, NM Benchmarks

FHA averages
Typical Property Value$251,935
Average Down Payment6.1%
Average Interest Rate6.376%
Effective Tax Rate0.45%
Median Tax Paid$719/yr
Tax Growth (Historical)+3.0%
Based on 124 regional loans totaling $27,860,000 (HMDA database).
$
%

$15,368 down · $236,567 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$94 / month

$

Annual premium

$

Per month

%

$100 / month

Estimated Monthly Payment

$1,847/mo

  • Principal & Interest$1,502
  • Property Tax$94
  • Home Insurance$150
  • FHA MIP$100
Amortization · Remaining Balance

Financed Loan Amount

$240,707

Total Interest

$300,188

Total of Payments

$540,895

*Includes financed FHA Upfront MIP of $4,140

Local Market Insights

Torrance County FHA Mortgage Overview

For Torrance County homebuyers, an FHA loan with a 6.09% down payment and a 93.91% Loan-to-Value (LTV) ratio offers accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the loan's life—ideal for those with sub-620 credit scores. The average property value of $251,935.48 and a 6.376% interest rate mean the effective 0.45% property tax rate and recent 3.0% inflation-adjusted tax increase add roughly $94 monthly to true affordability. This FHA mortgage analysis with property taxes shows that while down payment needs are low, long-term MIP and tax shifts impact your budget.

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.