What are average mortgage rates in Colorado in 2026?

Mortgage rates in Colorado generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Colorado mortgage calculator to model your payment at current rates.

How much are closing costs in Colorado?

Closing costs in Colorado typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Colorado mortgage calculator to include closing costs in your calculation.

What are property tax rates in Colorado?

Property tax rates in Colorado range from 0.3% to 2.5% of assessed value. CalcDeck's Colorado calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Colorado?

Colorado offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Colorado calculator to see how programs affect your payment.

How do I use the CalcDeck Colorado mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Colorado averages. Get instant monthly payment, total interest, and amortization schedule.

Colorado Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Colorado homeowners.

Colorado at a Glance

Median Home Price: $535,000
Property Tax Rate: 0.49%
Median Household Income: $83,967
Annual Property Tax: $2,622

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Colorado

Based on the Colorado median home price of $535,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$428,000	$508,250
Principal and Interest	$2,762	$3,280
Property Tax (CO)	$218	$218
Homeowners Insurance	$125	$125
PMI	$0	$212
Total Monthly	$3,105	$3,835

How Much House Can You Afford in Colorado?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$133,082/year to afford Colorado's median home
With 5% down, you need ~$164,351/year
Colorado's median household income is $83,967

Colorado insight: Colorado has a low property tax rate of 0.49% — among the lowest in the US.

Colorado Housing Market Overview

Colorado's housing market remains highly competitive, with the statewide median home price at $535,000—far exceeding the median household income of $83,967. The price-to-income ratio of roughly 6.4 indicates severe affordability challenges, especially in metro areas like Denver ($570,000 median), Boulder ($1.1 million), and Colorado Springs ($435,000). Inventory has tightened, with only 1.5 months of supply in the Denver metro as of early 2024, fueling rapid price appreciation. While the effective property tax rate of 0.49% is low, high prices still translate into significant annual tax bills. The gap between income and home prices has widened, pushing many buyers into more affordable suburbs like Aurora or Thornton, where prices remain above $450,000. New construction in northern Colorado (Windsor, Johnstown) offers alternatives but is still priced at $450,000+.

First-Time Homebuyer Programs in Colorado

The Colorado Housing and Finance Authority (CHFA) offers several first-time homebuyer programs. Its FirstStep loan combines a low fixed-rate mortgage with up to 4% of the loan amount in down payment assistance (up to $20,000 in most areas) that is forgivable after five years. CHFA's SmartStep program provides a slightly lower rate but requires a higher credit score. Additionally, the Colorado Down Payment Assistance Program (CDAP) offers deferred loans of up to $15,000 for qualified buyers in rural or underserved counties. Local cities like Denver also run their own assistance: Denver's Temporary Rental and Utility Assistance (TRUA) and the City's Down Payment Assistance Grant (up to $40,000). Applicants must complete a homebuyer education course and meet income limits (usually 80% of area median income). The City of Boulder offers permanently affordable homes with resale restrictions.

Tips for Homebuyers in Colorado

1) Colorado's low 0.49% property tax rate means annual taxes on a $535,000 home are about $2,622, but insurance costs are notably high due to hail and wildfire risk—budget $1,500–$3,000 annually. 2) In metro Denver and Boulder, expect multiple offers above list price; consider homes priced 5–10% under your budget to allow for escalation. 3) Buy during winter (November–February) when competition fades and sellers are more negotiable. 4) Always test for radon—Colorado has high radon levels, and mitigation can cost $1,000–$2,000. 5) Include a roof inspection to assess hail damage, and a sewer scope because older clay pipes are common in Denver and Colorado Springs. 6) Factor in HOA fees—many suburban neighborhoods have fees of $200–$400/month, which can significantly impact your monthly housing cost.

Try the Mortgage Calculator with Your Numbers

Colorado Mortgage FAQ

What is the median home price in Colorado?

The median home price in Colorado is approximately $535,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Colorado?

The effective property tax rate in Colorado is approximately 0.49% (Tax Foundation). On a $535,000 home, that is about $2,622/year in property taxes.

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

Using the 28/36 rule with 20% down at 6.7%, you would need about $133,082/year to afford the median Colorado home at $535,000. With 5% down (including PMI), about $164,351.

What will my monthly mortgage payment be in Colorado?

On Colorado's median home price of $535,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $3,105. With 5% down including PMI, about $3,835.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.