Typical Colorado mortgage payment
The median home price in Colorado is roughly $545,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $4,310 | $2,926 |
| 5.50% | $4,453 | $3,094 |
| 6.00% | $4,599 | $3,268 |
| 6.50% | $4,748 | $3,445 |
| 7.00% | $4,899 | $3,626 |
| 7.50% | $5,052 | $3,811 |
| 8.00% | $5,208 | $3,999 |
| 8.50% | $5,367 | $4,191 |
| 9.00% | $5,528 | $4,385 |
| 9.50% | $5,691 | $4,583 |
| 10.00% | $5,857 | $4,783 |
What a Colorado mortgage really costs (PITI)
Principal & interest alone would run about $3,445/month at 6.50% over 30 years. But Colorado's property tax - roughly 0.51% of home value per year here - adds about $232/month, and estimated homeowners insurance adds around $159/month. Your real total monthly payment (PITI) on a $545,000 Colorado home is closer to $3,835/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $164,372/year. A 20% down payment here is $109,000.
Colorado vs. its neighbors
Of Colorado and its neighbors, Oklahoma has the lowest estimated total monthly payment - about $2,289 less per month than Colorado.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Oklahoma | $210,000 | 0.90% | $1,546/mo |
| Kansas | $230,000 | 1.41% | $1,791/mo |
| Nebraska | $260,000 | 1.73% | $2,094/mo |
| New Mexico | $300,000 | 0.80% | $2,184/mo |
| Wyoming | $350,000 | 0.61% | $2,492/mo |
| Utah | $540,000 | 0.63% | $3,854/mo |
| Colorado (this page) | $545,000 | 0.51% | $3,835/mo |
What affects your Colorado payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.