Colorado Mortgage Calculator

Use this free mortgage calculator to estimate your monthly mortgage payments and annual amortization.

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2024

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Total monthly payment

$0.00

Total principal$0

Total interest payments$0.00

Total loan payments$0.00

Monthly mortgage payment$0.00

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Taking out a mortgage in Colorado

Written by NerdWallet

In Colorado, The Centennial State, you might think that housing affordability is a crisis from the news. However Coloradans still only spend ~21% of incomes on housing costs, roughly equal to the national average. For new home buyers, prices are definitely increasing. Denver is among the "hottest" cities in terms of the increase in average home price in recent years, rising 8% last year.

Colorado's first-time home buyer programs

The Colorado Housing and Finance Agency, or CHFA, offers several loan programs to help qualified first-time home buyers get a mortgage. Learn more

Average property tax by county

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Colorado. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.
CountyAvg. property tax rateMedian home value
Adams County0.65%$483,200
Alamosa County0.51%$198,500
Arapahoe County0.57%$549,200
Archuleta County0.34%$432,400
Baca County0.45%$119,700
Bent County0.37%$110,700
Boulder County0.51%$743,700
Broomfield County0.69%$644,200
Chaffee County0.32%$514,900
Cheyenne County0.42%$166,300
Clear Creek County0.4%$506,900
Conejos County0.48%$154,500
Costilla County0.34%$145,200
Crowley County0.44%$92,700
Custer County0.3%$327,100
Delta County0.34%$291,400
Denver County0.47%$599,500
Dolores County0.38%$208,000
Douglas County0.57%$706,800
Eagle County0.38%$728,400
El Paso County0.45%$464,300
Elbert County0.47%$623,300
Fremont County0.4%$264,300
Garfield County0.4%$449,300
Gilpin County0.31%$465,300
Grand County0.29%$461,200
Gunnison County0.32%$530,300
Hinsdale County0.24%$369,200
Huerfano County0.25%$231,200
Jackson County0.23%$227,300
Jefferson County0.53%$636,200
Kiowa County0.7%$127,400
Kit Carson County0.53%$182,700
La Plata County0.28%$497,800
Lake County0.58%$331,000
Larimer County0.52%$540,400
Las Animas County0.3%$190,900
Lincoln County0.33%$238,000
Logan County0.5%$203,100
Mesa County0.39%$373,500
Mineral County0.41%$379,000
Moffat County0.49%$247,500
Montezuma County0.32%$282,500
Montrose County0.38%$314,100
Morgan County0.53%$277,400
Otero County0.41%$132,600
Ouray County0.28%$596,400
Park County0.38%$458,600
Phillips County0.46%$258,200
Pitkin County0.37%$912,300
Prowers County0.45%$120,200
Pueblo County0.55%$293,400
Rio Blanco County0.34%$231,800
Rio Grande County0.49%$202,300
Routt County0.3%$691,800
Saguache County0.47%$166,500
San Juan County0.28%$344,600
San Miguel County0.25%$561,400
Sedgwick County0.5%$136,000
Summit County0.31%$760,000
Teller County0.35%$405,500
Washington County0.47%$208,300
Weld County0.53%$456,100
Yuma County0.45%$201,500
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

  1. Under "Loan amount," enter the amount you intend to borrow.

  2. Under "Interest rate," enter the mortgage interest rate that you expect to get.

  3. Under "Loan term (years)," enter the length of the mortgage in years. Most mortgages have 30-year terms.

After you enter these three pieces of information, the calculator prominently displays the monthly payment inside the "Your loan estimate" window. It also displays:

  • The loan amount (under "Total principal").

  • How much interest you would pay over the life of the loan ("Total interest payments").

  • The total principal plus interest you would pay over the loan's term ("Total loan payments").

  • The monthly principal and interest payment excluding taxes and insurance ("Monthly mortgage payment").

  • The payoff date, which is the month when you would pay the last scheduled payment.

Calculating costs in addition to principal and interest

The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association fee and monthly cost of mortgage insurance. Note that you'll enter the annual cost for property tax and home insurance, and the monthly cost for HOA fees and mortgage insurance.

Select "Show amortization schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.

Explanation of terminology

  • Loan amount: Also known as principal, this is the amount you borrow. Each mortgage payment reduces the principal you owe.

  • Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.

  • Loan term (years): The term is the number of years it will take to pay off the mortgage. A longer term gives you a lower monthly payment than a shorter term does. But you pay more total interest with a longer term because you're paying interest for more months.

  • Start date: The month that your first mortgage payment is due.

  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.

  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.

  • Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.

  • Private mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender in case a borrower defaults on a mortgage.

Using the mortgage calculator to compare scenarios

This mortgage calculator lets you change the loan amount, interest rate, loan term and other factors so you can see the effect on monthly payments.

Feel free to test it out by entering your loan amount, then altering the interest rate or the loan term (or both). You won't break anything!

If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.

» MORE FOR CANADIAN READERS: Canada mortgage payment calculator

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