Colfax County FHA Loan Calculator

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

Loan Details

US County (Smart Autofill)

Loan Type

Colfax County, NM Benchmarks

FHA averages

Typical Property Value$232,429

Average Down Payment11.4%

Average Interest Rate6.548%

Effective Tax Rate0.51%

Median Tax Paid$867/yr

Tax Growth (Historical)-9.3%

Based on 35 regional loans totaling $6,725,000 (HMDA database).

Home Price

Down Payment

$26,497 down · $205,932 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

$99 / month

Home Insurance

Annual premium

HOA Dues

Per month

PMI Rate

$87 / month

Estimated Monthly Payment

$1,667/mo

Principal & Interest$1,331
Property Tax$99
Home Insurance$150
FHA MIP$87

Amortization · Remaining Balance

Financed Loan Amount

$209,536

Total Interest

$269,735

Total of Payments

$479,271

*Includes financed FHA Upfront MIP of $3,604

Local Market Insights

Colfax County FHA Mortgage Overview

In Colfax County, the 11.42% down payment on an FHA loan provides accessible entry, but note that Mortgage Insurance Premiums (MIP) are required for the life of the loan due to the 88.58% Loan-to-Value ratio. This structure is ideal for buyers with sub-620 credit, as it avoids the need to build 20% equity to cancel PMI. The 0.51% effective property tax rate is favorable, and the recent -9.3% inflation-adjusted tax change further lowers true monthly affordability for owner-occupied homes.

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.