Closing costs in New Mexico
On a $500,000 home with 20% down, buyers in New Mexico typically pay about $7,275 to $17,783 at closing, including prepaid taxes and insurance.
Typical buyer total1.5%–3.6%Of the price, 20% down
Closings handled byA title or settlement companyCustomary in the state
Buyer-paid taxesNoneTransfer taxes are seller-paid or not charged
Buyer-paid taxes
| Tax | On $500,000 with 20% down | Note |
|---|---|---|
| None for buyers | $0 | New Mexico has no real estate transfer tax and no mortgage tax paid by buyers. |
Estimated closing costs by price
| Price | Loan | Closing costs | Share of price |
|---|---|---|---|
| $300,000 | Conventional, 20% down | $5,905 – $13,750 | 2.0%–4.6% |
| $300,000 | FHA, 3.5% down | $6,179 – $14,513 | 2.1%–4.8% |
| $500,000 | Conventional, 20% down | $7,275 – $17,783 | 1.5%–3.6% |
| $500,000 | FHA, 3.5% down | $7,732 – $19,055 | 1.5%–3.8% |
| $750,000 | Conventional, 20% down | $8,988 – $22,825 | 1.2%–3.0% |
| $750,000 | FHA, 3.5% down | $9,673 – $24,733 | 1.3%–3.3% |
Who pays what in New Mexico
New Mexico has no real estate transfer tax and no mortgage tax paid by buyers.
Questions
How much are closing costs for buyers in New Mexico?
Often about 1.5% to 3.6% of the price with 20% down, including prepaid taxes and insurance.
Do buyers pay transfer tax in New Mexico?
No. New Mexico has no real estate transfer tax and no mortgage tax paid by buyers.
More for New Mexico
Sources: New Mexico Department of Revenue. Fees are typical ranges, not quotes; your Loan Estimate lists the actual costs.