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Closing costs in New Mexico
Last updated:
See how much you might have to shell out in closing costs when you buy or sell a home in this state.
The average closing cost in New Mexico is $2,909 after taxes, or approximately 0.97% to 1.45% of the final home sale price.
Closing cost stats in New Mexico
Across the state, the average home sells for between $200,000 and $300,000. If you buy a property in that range, expect to pay between $1,939.33 and $4,363.50 in closing costs after taxes.
| Data | Value |
|---|---|
| Average home sale price | $200,000 to $300,000 |
| Average total closing cost | $2,909 |
| Expected closing cost range | $1,939.33 to $4,363.50 |
| Percentage of closing cost to home sale price | 0.97% to 1.45% |
Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether or not you're paying in cash.
Find a low mortgage rate for buying a home in New Mexico
How much does tax affect the closing cost?
Buyers and sellers in New Mexico pay an average of $0 in tax combined for the closing. This accounts for 0% of the total average closing cost in New Mexico.
| Value | |
|---|---|
| Average tax paid | $0 |
| Percentage of total closing cost | 0% |
How do closing costs in New Mexico compare nationally?
The closing costs for buying a home in New Mexico are below the national average after accounting for taxes. It’s 18 in our rankings which rates states from lowest to highest closing cost.
| Average total closing cost in New Mexico | Ranking* | |
|---|---|---|
| Before taxes | $2,909 | 24 |
| After taxes | $2,909 | 18 |
*Ranked from lowest to highest of the 50 states plus Washington DC
Bottom line
Closing costs are inevitable when you're buying or selling a property. The exact amount will vary depending on where the property is located in New Mexico.
To save on your home loan, consider comparing the fees and rates of top lenders before signing.
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