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Getting a mortgage in Colorado is a big step toward your home purchase. Use this Colorado mortgage calculator to figure out the monthly payment amount and total interest cost for your home purchase. Try different purchase prices, down payment, and loan amounts on for size to find out how they affect your budget before you commit.
Key Points
• Enter the home price, down payment, loan term, interest rate, and tax information in the mortgage calculator for monthly payment and loan cost estimates.
• A larger down payment reduces monthly costs.
• A longer loan term typically means lower monthly payments.
• A Colorado mortgage calculator can be helpful when you are trying to determine how a home purchase fits into your budget.
• Property taxes vary according to the home’s location.
Colorado Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you and the home seller have agreed upon (not the asking price or your offer price). If you’re using this calculator to try to figure out what fits in your budget, type in the price of a home you’re considering.
• Down payment: The down payment represents the initial upfront cash payment you’ll make when purchasing a property. This payment typically ranges from 3% (for qualified first-time buyers) to 20% of the total purchase price. A down payment calculator can help you determine an amount.
• Loan term: The loan term is the time over which you will repay the home loan. Common terms are 15 and 30 years. A longer term typically offers lower monthly payments, while a shorter term usually results in less interest paid over the life of the loan.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total loan amount. The rate can vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is imposed by the government on land and buildings. It is calculated as a percentage of the property’s assessed value. Find your property tax rate by searching online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: The monthly payment represents the amount you will pay toward the principal loan amount, interest on your loan, and your property taxes. This figure does not include the cost of homeowners insurance, private mortgage insurance (PMI), or homeowners association fees.
• Total interest paid: The total interest paid represents the cumulative amount of interest over the life of the loan. This figure is influenced by the interest rate and loan term.
• Total loan cost: The total loan cost represents the complete amount you will pay to borrow the money you use to buy a home. This includes the principal amount borrowed and accumulated interest charges.
How to Use the Colorado Mortgage Calculator
Step 1: Enter Your Home Price
Enter the purchase price into the calculator. This figure is an important one for an accurate estimate of your monthly mortgage payment and overall loan costs.
Step 2: Select a Down Payment Amount
Choose the percent of the home price you plan to pay upfront. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A lower rate can significantly decrease your mortgage costs.
Step 5: Add Your Annual State Property Tax
Enter the property tax percentage. The calculator can estimate this cost based on your ZIP code. Property taxes can vary and may increase over time.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps estimate monthly payments based on loan amount, interest rate, loan term, and property taxes. Particularly if this is your first home purchase, playing around with different combinations of numbers can be a good way to get a sense of how your home-buying choices affect your costs.
A home affordability calculator also shows how the size of your down payment impacts your loan costs. If the type of mortgage loan you choose has a variable interest rate, you can get a rough estimate of costs using this calculator, but fluctuations of the variable rate will affect your real-world results.
If you’re thinking about a home loan guaranteed by the Federal Housing Administration (FHA), there’s a calculator just for you: Use an FHA mortgage calculator, which takes into consideration both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator is helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in Colorado
Colorado’s median home sale price in mid-2025 is $598,000, according to Redfin. Lenders advise a mortgage payment should not exceed 28% of gross monthly income. So to afford a $598,000 home, with a 20% down payment and a 7.00% interest rate on a 30-year mortgage, you’d need an annual income above $137,000. Your monthly mortgage payment would be around $3,200. This includes property taxes but does not include your homeowner’s insurance or homeowners association costs, which are sometimes wrapped into the mortgage payment.
If your down payment is below 20% of the home price, you can expect to pay for PMI as well. This calculation also assumes that you aren’t already carrying other large debts. If you have a car payment, student loan payment, or credit card debt (or all of the above), your earnings will need to be higher.
Another way to home in on what you can afford is to go through the mortgage preapproval process with a lender. You’ll submit your financial stats and the lender will determine what mortgage you qualify for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. This calculator also factors in property tax. As noted above, your monthly payment may also include PMI or HOA fees. Homeowners insurance is also often added to the mortgage payment. Understanding these components can help you budget more effectively and make informed decisions about your home purchase. A higher down payment can reduce the monthly payment and eliminate the need for PMI, while a lower interest rate can significantly decrease the overall cost of the loan.
The cost of living in Colorado will affect how much you can afford, and as a whole, Colorado is slightly above the U.S. average when it comes to the cost of living. Higher cost of living areas typically have higher average home prices and costs for utilities, home maintenance, transportation, and other necessities. There are definitely homes here that will require a jumbo loan.
There are some cities, however, that land on a list of the best affordable places in the U.S., including Littleton, Pueblo, and Greeley. Here’s how some of the larger cities in Colorado stack up in terms of cost on the Cost of Living Index compiled by C2ER, a nonprofit economic-development organization. In this case, 100 is the U.S. average.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Once you purchase a home, your mortgage payment could still change. Here are some ways borrowers can lower their payments.
• Request that your lender drop PMI once you reach 20% home equity.
• Recast your mortgage by making a lump-sum payment toward the principal and asking your lender to recompute your payments.
• Appeal property taxes if you feel they are overly high. Use caution doing this if you have made improvements on the property — sometimes asking for extra scrutiny of a home’s value can backfire.
• Consider requesting a loan modification if you are experiencing financial hardship.
• Explore a mortgage refinance if interest rates are lower than your current rate. (Don’t forget to factor in closing expenses when you compare overall costs.)
• Extend your loan term to reduce the amount of your monthly payment.
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies.
Colorado First-Time Homebuyer Assistance Programs
When you use the Colorado home mortgage calculator, you’ll see what a difference a down payment amount makes in the costs of borrowing. Not everyone can come up with the cash for a down payment. But particularly if you’re buying your first home, there may be help available.
To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs, many provided by the Colorado Housing and Finance Authority, offer financial aid to help cover initial costs, such as the down payment and closing fees. These programs can make homeownership more accessible for those with limited savings.
A Colorado mortgage calculator is a powerful tool for anyone considering a home loan, and it’s extra useful for first-time homebuyers. It helps you estimate monthly payments, understand the impact of different down payment amounts, and explore various loan scenarios. By using this calculator, you can better prepare for the financial commitment of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
Should I choose a 30-year or 15-year mortgage term?
A 15-year term could save you thousands of dollars in interest but will require a higher monthly payment. Meanwhile, a 30-year term offers lower monthly payments, making homeownership more accessible. If you can make a term that’s on the shorter side work with your finances, select that option. But especially if this is your first home purchase, don’t feel bad about locking in 30 years — many buyers choose this option.
How can I get a lower mortgage interest rate?
For the lowest mortgage interest rate, work to cultivate a strong credit score. Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain, then look carefully at the difference between the offers, factoring in closing costs as well as interest. A higher down payment may also help, if you can swing it.
How much income do you need for a $400,000 mortgage?
You’ll need to earn around $130,000 a year to qualify for a $400,000 mortgage, assuming it’s a 30-year loan at an interest rate of 7.00%, and you aren’t burdened by other significant debts. One general rule of thumb is that your home price shouldn’t be more than three times your gross income, assuming you don’t have other significant debts.
Can I afford a $300K house on a $70K salary?
It would be difficult to afford a $300,000 property on a salary of $70,000 unless you can make a significant down payment or have another source of income or savings besides your salary. One general rule is that your house price should be no more than three times your salary. If your earnings are $70,000 you could come up short.
SoFi Mortgages
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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