Mortgage Calculator in Colorado

Calculate your monthly mortgage payment in Colorado using the 2026 median home price of $605K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Colorado's housing market reflects a decade of population growth and constrained Front Range inventory. The median home price of $605,000 puts ownership firmly in the mid-to-upper tier nationally, though prices have moderated from their 2022 peaks. Property taxes average a low 0.51%, meaning annual tax costs stay manageable even on higher-priced homes. Closing costs average 1.3% of the purchase price — roughly $7,865 on the median home. A 12% down payment requires $72,600 upfront. First-time buyers can access CHFA's FirstStep program, which pairs competitive fixed-rate loans with down payment assistance through the CHFA DPA Grant — reducing the cash barrier for income-qualified buyers. Colorado does not impose a mortgage recording tax. Use the mortgage calculator with the 0.51% property tax rate to see how Colorado's low tax burden partially offsets the high purchase price in your monthly payment.

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Colorado's average mortgage rate of 6.51% and median home price of $605K produce a monthly P&I of approximately $3,369 before taxes and insurance.

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Colorado Housing Market at a Glance (2026)

$605K

Median Home Price

6.51%

Avg Mortgage Rate

0.51%

Property Tax Rate

12%

Typical Down Payment

Buying a Home in Colorado: Costs to Know

Average closing costs1.3% of purchase price

On a $605K home, closing costs â‰ˆ$7,865

Median household income$97,113/yr

State income tax (top rate)4.4%

First-Time Buyer Programs in Colorado

Colorado offers state-sponsored programs that can reduce your down payment or closing costs:

✓CHFA FirstStep
✓CHFA DPA Grant

How Mortgage Payments Work in Colorado

A standard mortgage payment in Colorado is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $605K home in Colorado with a 12% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $3,369/month— not including property taxes or homeowner's insurance.

Colorado's property tax rate of 0.51% adds roughly $257/month to your total housing cost on a $605K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

Colorado vs. National Average

Metric	Colorado	National Avg
Median Home Price	$605,000	$420,000
Property Tax Rate	0.51%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	103.1	100

Questions You Might Ask — Mortgage Calculator in Colorado

What is the average mortgage payment in Colorado?

Based on the median home price of $605K in Colorado with a 12% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $3,369. Adding property taxes (~$257/mo) and homeowner's insurance, total PITI is typically $3,776–$3,876/month.

What is the property tax rate in Colorado?

Colorado has an average effective property tax rate of 0.51%. On the median home price of $605K, that equals roughly $3,086 per year — or $257 added to your monthly mortgage payment. This is below the national average of ~1.1%, which helps lower total housing costs in Colorado.

How much down payment do I need to buy a home in Colorado?

The typical down payment in Colorado is 12% — about $72,600 on the median $605K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like CHFA FirstStep.

What are closing costs in Colorado?

Average closing costs in Colorado are approximately 1.3% of the purchase price — about $7,865 on the median $605K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Colorado?

To afford the $605K median home in Colorado under the 28% housing-cost rule, you need a gross monthly income of at least $13,486 — roughly $162K/year. The median household income in Colorado is $97,113.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.