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A Denver, Colorado mortgage calculator can help you navigate the home-buying process by providing estimates of your monthly payments and total costs. Simply input the home price, down payment, loan term, interest rate, and property tax rate. Here’s how to use the Denver calculator to your advantage during your home search.
Key Points
• A Denver mortgage calculator helps estimate monthly payments and total loan costs.
• Choosing a 15-year mortgage term can reduce total interest paid, while a 30-year term offers lower monthly payments.
• A higher credit score can secure a lower interest rate, reducing monthly payments and the total cost of the mortgage.
• Down payment assistance programs can significantly reduce upfront costs, making homeownership more accessible, especially for first-time buyers.
• Ways to lower monthly housing expenses include dropping private mortgage insurance (PMI) once you have 20% equity, refinancing your home loan, and shopping for lower homeowners insurance rates.
Denver Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed to with the home seller during negotiations. This figure may differ from both the initially displayed listing price and your initial offer.
• Down payment: The down payment represents the amount the homebuyer pays upfront when purchasing a property. This payment is often expressed as a percentage of the total purchase price of the home, with most buyers putting down between 3% and 20%.
• Loan term: The loan term represents the length of time a borrower has to repay the mortgage. Borrowers sometimes opt for a 15-year mortgage term to pay less interest over the entire life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. A lower interest rate can significantly reduce your monthly payments and the total interest paid over the life of the loan.
• Annual property tax: The annual property tax is determined by the local government based on the home’s assessed value. In Denver, the property tax rate is 0.44%.
• Total monthly payment: The total monthly payment includes what you pay toward the principal loan amount and the accruing interest. This calculator also includes property taxes. Other costs that are often rolled into your housing payment are homeowners insurance, private mortgage insurance, and HOA fees.
• Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire duration of the loan. This figure can be quite substantial and is influenced by factors such as the length of the loan term, the applicable interest rate, and the size of the down payment.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan, encompassing both the principal amount and the accumulated interest. This comprehensive figure provides a clear view of your overall financial commitment and greatly assists you in comparing different types of mortgage loans.
How to Use the Denver, CO Mortgage Calculator
The Denver mortgage calculator will provide an estimate of your monthly payment, total interest paid, and the overall loan cost. Here is a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
The home price is the amount you’ve agreed to pay to purchase the home. This figure directly influences the home loan amount you can secure and, consequently, your monthly payments.
Step 2: Select a Down Payment Amount
The down payment represents the portion of the overall home price that you, as the buyer, agree to pay at the outset of the transaction. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Enter your expected interest rate, specifying up to the second or third decimal point. A higher credit score can help you secure a lower interest rate, which can lead to lower monthly payments and a lower overall cost of the loan. If you’re looking at large loan amounts (over $800K), you’ll want to research rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
This is the percentage of the home’s value you will pay each year to the local government as property taxes. Enter the property tax percentage, not the dollar amount. The Denver property tax rate is 0.44%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates your monthly payments to help determine how much house you can afford. It allows you to compare scenarios, such as different down payments or interest rates, to see how they affect your budget.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
In 2025, the median Denver home sale was $575,000. Lenders advise keeping housing costs (mortgage, taxes, insurance, HOA) below 28% of gross monthly income. To afford a $575,000 home with 20% down ($115,000), you’d need about $131,000 in annual income for a 30-year mortgage at 7.00%. The monthly mortgage payment would be under $3,060.
Total debt should be within 36% of gross monthly income, allowing for around $875 in other debt payments (student loans, auto loans, credit cards). If other debts do exceed $875 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
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. The mortgage principal is the amount you borrowed to purchase the home, while the interest is the cost of borrowing that money. Other components of a mortgage payment may include:
• Property taxes: Local government taxes based on the assessed value of your property.
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Denver, CO
The cost of living in your area significantly affects how much you can afford. In Denver, the cost of living index is 108.6, which is over 8% higher than the national average. Housing costs are particularly high, being about 23% higher than the national average. Other factors influencing the cost of living include lifestyle and family size.
The national average cost of living is benchmarked at 100. Here’s how Denver compares to the national average in other areas:
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.
Denver’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Denver, there are several down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both. To qualify, you typically must not have owned a primary residence within the past three years. Research local programs to see which ones best fit your needs and financial situation.
If you’re looking to lower your mortgage payment, there are a few things you can do, including:
• Drop private mortgage insurance once you reach 20% equity in your home. This can be done through payments or home appreciation.
• Consider mortgage recasting if you receive a bonus or other windfall. This involves making a lump sum payment toward your mortgage principal, which your lender will then re-amortize with the same interest rate and term. The result is a new, smaller balance that translates to lower monthly payments.
• Appeal your property taxes if you believe they are too high. Start by researching your home’s assessed value and comparing it to similar properties in your area. A successful appeal can reduce your property tax bill.
• Modify your loan if you’re facing financial hardships. Loan modifications can include extending the loan term, reducing the interest rate, or even forgiving a portion of the principal. Contact your lender to discuss your options.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. You may be able to lower your premium by increasing your deductible, bundling homeowners and auto insurance, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
A Denver mortgage calculator helps you estimate your monthly payments and understand the financial impact of down payments, interest rates, and loan terms. Just enter the purchase price, down payment, loan term, interest rate, and property taxes to get a clear picture of your monthly payment, the total interest you’ll pay over the life of the loan, and the overall cost.
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.
The average mortgage payment in Denver in 2025 was $3,880 per month. Payments will vary, though, based on factors like home price, down payment, and interest rate.
What are principal and interest on a mortgage loan?
The principal is the amount borrowed from the lender, while interest is the cost of borrowing that amount, expressed as a percentage of the principal. Each monthly mortgage payment typically includes both, with a portion going toward reducing the loan balance and the rest covering the lender’s interest charges.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of loan you choose. A larger down payment (20% or more) can reduce your monthly payments and potentially eliminate the need for private mortgage insurance (PMI), while a smaller down payment may help you get into a home sooner. Most people put down between 3% and 20% of the purchase price.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower payments but higher total interest. A 15-year term has higher payments, less interest, and faster equity building. If you can afford it, a 15-year mortgage saves long-term. If you need budget flexibility, a 30-year mortgage offers breathing room.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate, build your credit score and make a larger down payment to reduce risk for lenders. You should also compare offers from multiple lenders, as some may have special discounts, and consider getting preapproved to see what rates you may qualify for.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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