Colorado Mortgage Calculator
The median home price in Colorado is $555,000. With a 20% down payment at the state's average 30-year fixed rate of 7.01%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $3,318. Colorado's property tax rate of 0.51% annually is below the U.S. national average of 1.07%.
A buyer earning Colorado's median household income of $84,000 would dedicate roughly 47% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$555,000
Avg 30-yr Rate
7.01%
Property Tax Rate
0.51%/yr
Est. Monthly PITI
$3,318
Mortgage Calculator
Total Monthly Payment
$3,317.84
Loan Amount
$444,000
Total Paid
$1,064,493
Total Interest
$620,493
How to Get a Mortgage in Colorado
- 1 Check your credit score. In Colorado, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $555,000 Colorado home, 20% down is $111,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Colorado average 7.01%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $13,320–$22,200 on a median Colorado purchase.
- 5 Budget for ongoing costs: Colorado property taxes average 0.51%/yr ($2,831/yr on the median home), plus homeowner's insurance averaging $1.500/yr.
Monthly Cost Breakdown — Median Colorado Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Colorado Mortgage FAQs
What is the average home price in Colorado?
The median home price in Colorado is $555,000 (2024 estimate). With a typical 20% down payment of $111,000, a buyer would finance $444,000 at a 30-year fixed rate.
What are property taxes like in Colorado?
Colorado has an average effective property tax rate of 0.51% of assessed home value. On a $555,000 home, that's approximately $2,831 per year ($236/month) — below the national average of 1.07%.
How much income do I need to buy a home in Colorado?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Colorado home, you'd need to earn roughly $142,191 per year. The state's median household income is $84,000, meaning the typical household allocates about 47% of gross income to housing — significantly strained.
What is the average mortgage rate in Colorado?
The average 30-year fixed mortgage rate in Colorado is approximately 7.01% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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