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Colorado was one of the fastest-growing states per the last U.S. Census, increasing by 14.8% between 2010 and 2020. The increase in population has resulted in higher demand for homes with prices skyrocketing this past year. Our Colorado mortgage calculator will help you estimate your monthly mortgage payment with taxes, fees, and insurance.
Colorado was one of the fastest-growing states per the last U.S. Census, increasing by 14.8% between 2010 and 2020. The increase in population has resulted in higher demand for homes with prices skyrocketing this past year. Our Colorado mortgage calculator will help you estimate your monthly mortgage payment with taxes, fees, and insurance.
According to the Colorado Association of Realtors, the median for a Colorado single-family home topped $500,000 for the first time in April 2021. Due to the increase in demand for housing and lack of inventory, the market is projected to see double-digit appreciation for 2022 as well.
The housing market in Colorado jumped 23.5% year-over-year with the average home price in Colorado reaching $558,210. At the same time, the number of homes for sale fell by 20.1%. With 64.5% of homes sold in Colorado above the list price, the Colorado housing market is expected to continue to be competitive.
According to Realtor.com’s 2022 housing forecast, Colorado Springs is ranked No. 14 and Denver is ranked No. 48 for the top housing market in the country. The supply of homes is at an all-time low and prices are expected to continue growing this year.
We recommend using a mortgage calculator for Colorado. The formula to calculate by hand is quite complex:
Colorado mortgage rates are still at a historical low even with the recent rate hikes. To estimate your monthly mortgage payment, you'll need to enter in your estimated mortgage loan amount, the term of your loan, and the rate you think you'll be eligible for. Common mortgage terms are 15-year and 30-year mortgages. In addition, you can choose a fixed interest rate throughout the term of your loan or an adjustable rate that changes over time based on market conditions.
In addition to the principal and interest, you will need to add monthly insurance costs, taxes, and other fees. Our Colorado mortgage calculator also allows you to add taxes and insurance to your monthly payment. The mortgage calculator for Colorado also has an option to enter your down payment amount. The more you put down, the less you will need to borrow and your monthly mortgage costs will be lower.
There are other monthly expenses you'll need to account for, like homeowners insurance and property taxes. When you use our mortgage calculator for Colorado, remember that property taxes paid as a percentage of owner-occupied homes are on average 0.56%. Property taxes may change based on your county.
Homeowners may also be part of a homeowners association (HOA) and have to pay a monthly HOA fee on top of their mortgage payment. HOA fees usually cover the maintenance of common areas, and often include services like trash pickup. To enter these additional costs into the above mortgage calculator for Colorado, just click "Additional inputs" (below "Mortgage type").
You may also need to account for private mortgage insurance (PMI). Homeowners will have to pay PMI if they don't make at least a 20% down payment on their home. With all these potential costs, it is helpful to use our Colorado home loan calculator. Our tool will help break down your costs so you can see what your monthly mortgage payments will look like in different scenarios.
If you want to refinance an existing mortgage, our Colorado mortgage calculator can also help you determine your monthly payment — and you can check out our list of the best refinance lenders to get that process started.
Before you buy a home in Colorado, it's important to make sure you have set a budget for buying a house and have your finances in order. To get the most competitive mortgage rates, you will need:
From the rugged Colorado mountains to the desert in the eastern part of the state, Colorado is considered to be one of the top places to live. According to the 2022 U.S. News and World Report, Boulder, CO is ranked as the best place to live in the country. Colorado Springs, Denver, and Fort Collins also placed in the top 17 places to live.
Colorado has plenty of things to do outside, and the state is home to beautiful mountains. Due to the high altitude in certain parts of Colorado, it is important to adjust to the high altitude slowly to prevent altitude sickness. Colorado is also home to common natural disasters such as wildfires, floods, winter storms, tornadoes, and droughts.
Learn more: Home buyer checklist
The Colorado Housing and Finance Authority (CHFA) offers a number of programs to help low and moderate income families afford a home. Through their statewide network of participating lenders, CHFA offers different home purchase loan programs, grants, and second mortgage loans for down payment and/or closing cost assistance.
In addition to the Colorado first-time home buyer programs, there are other programs to consider. Here are the most common ones.
Read more: Best mortgage lenders for first-time home buyers
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