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Closing costs in New Mexico

See how much you might have to shell out in closing costs when you buy or sell a home in this state.

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By

Britny Lawhorn

Updated

Fact checked

According to data from ClosingCorp, the average closing cost in New Mexico is $2,824.85 after taxes, or approximately 0.94% to 1.41% 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 $1,883.23 and $4,237.28 in closing costs after taxes.

Data Value
Average home sale price $200,000 to $300,000
Average total closing cost $2,824.85
Expected closing cost range $1,883.23 to $4,237.28
Percentage of closing cost to home sale price 0.94% to 1.41%
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.

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%

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

1 - 4 of 4
Updated regularly
Name Product Loan products offered State availability Min. credit score ‎
First Horizon
(NMLS #472329)
First Horizon
Conventional, Portfolio, VA, Refinance
Only available in: AL, AR, FL, GA, LA, MO, MS, NC, NY, SC, TN, TX
620
See rates
More Info
Multiple mortgage programs available in 12 states with no pre-payment fee.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
See rates
More Info
Veterans United stands out from other lenders for its focus on serving the military community.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
See rates
(888) 329-4989
Apply online for free and lock in your rate for 90 days.
LendingTree
(NMLS #1136)
LendingTree
HELOC, Home Equity loans
Available in all states
620
See rates
More Info
Connect with vetted lenders quickly through this free online marketplace.
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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 $2,824.85 24
After taxes $2,824.85 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.

  1. ClosingCorp. (May 2021). ClosingCorp reports average closing cost data for purchase mortgages in 2020 [Press release]. https://www.closing.com/wp-content/uploads/2021/03/CC_2020ClosingCostsReport_FINAL_031121.pdf

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