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Lea County FHA Loan Calculator

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

Loan Details

Lea County, NM Benchmarks

FHA averages
Typical Property Value$262,767
Average Down Payment7.3%
Average Interest Rate6.504%
Effective Tax Rate0.52%
Median Tax Paid$879/yr
Tax Growth (Historical)+3.5%
Based on 412 regional loans totaling $99,210,000 (HMDA database).
$
%

$19,182 down · $243,585 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$114 / month

$

Annual premium

$

Per month

%

$103 / month

Estimated Monthly Payment

$1,934/mo

  • Principal & Interest$1,567
  • Property Tax$114
  • Home Insurance$150
  • FHA MIP$103
Amortization · Remaining Balance

Financed Loan Amount

$247,848

Total Interest

$316,116

Total of Payments

$563,964

*Includes financed FHA Upfront MIP of $4,263

Local Market Insights

Lea County FHA Mortgage Overview

In Lea County, the FHA loan path is defined by a 7.29% down payment and a 92.71% LTV, offering accessible entry for buyers with sub-620 credit scores. However, this low equity position mandates Mortgage Insurance Premiums (MIP) for the life of the loan. The 0.52% property tax rate, adjusted upward by 3.5% for inflation, adds a predictable cost burden. For any Lea County FHA mortgage calculator with property taxes, remember the true monthly affordability hinges on this permanent MIP, not just the tax rate. This data reflects 100% owner-occupied purchases, confirming these are standard homebuyers using the FHA loan down payment calculator in Lea County, New Mexico.

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.