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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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Britny Lawhorn
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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 and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
See rates
More Info
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
See rates
More Info
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
See rates
More Info
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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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