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Otero County FHA Loan Calculator

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

Loan Details

Otero County, NM Benchmarks

FHA averages
Typical Property Value$217,172
Average Down Payment9.5%
Average Interest Rate6.334%
Effective Tax Rate0.56%
Median Tax Paid$902/yr
Tax Growth (Historical)+4.0%
Based on 221 regional loans totaling $41,275,000 (HMDA database).
$
%

$20,631 down · $196,541 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$101 / month

$

Annual premium

$

Per month

%

$83 / month

Estimated Monthly Payment

$1,576/mo

  • Principal & Interest$1,242
  • Property Tax$101
  • Home Insurance$150
  • FHA MIP$83
Amortization · Remaining Balance

Financed Loan Amount

$199,980

Total Interest

$247,045

Total of Payments

$447,025

*Includes financed FHA Upfront MIP of $3,439

Local Market Insights

Otero County FHA Mortgage Overview

In Otero County, the 9.50% weighted average down payment on a $217,172 property aligns with FHA guidelines, requiring mandatory Mortgage Insurance Premiums (MIP) for the loan’s life due to the 90.50% loan-to-value ratio—ideal for buyers with sub-620 credit. The 6.334% interest rate and 0.56% effective property tax rate keep monthly costs manageable, though the recent 4.0% inflation-adjusted tax increase slightly raises true affordability. For those exploring Otero County FHA loan limits and property taxes, this market favors primary residence buyers seeking accessible entry with predictable MIP obligations.

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.