What’s the average mortgage payment in Colorado?

According to data collected from Redfin and Rocket Mortgage, the average monthly mortgage payment in Colorado is around $1,811 before taking property taxes and insurance into account. Colorado is home to one of the most competitive and fastest-growing housing markets in the Mountain West region, driven by strong job growth, high demand in urban hubs like Denver and Boulder, and limited housing inventory in many parts of the state.

Overview of the Colorado housing market

The median sale price in Colorado is approximately $590,900 as of late 2025, according to Redfin data. The state continues to see year-over-year price growth fueled by sustained buyer demand, migration from expensive cities, and a shortage of available homes.

Here’s a snapshot of recent median sale prices from Redfin:

Factors that influence mortgage payments in Colorado

Your monthly mortgage payment consists of principal, interest, taxes, and insurance (PITI). Tools like the Rocket Mortgage® mortgage calculator help buyers estimate payments based on their home price, down payment, loan type, and interest rate.

Home price and down payment

Colorado’s statewide median home price is well above the national average, which means buyers often face higher loan amounts than in many neighboring states. Based on the calculator, a 20% down payment on an average Colorado house with 6.5% interest would result in a monthly payment of about $2,988 before factoring in property taxes and homeowners insurance.

If your down payment is less than 20% of the sale price, you’ll need private mortgage insurance, which can cost over $300 for an average Colorado home.

Mortgage rate

Your Colorado mortgage rate depends on:

• Credit score and credit history
• Debt-to-income ratio (DTI)
• Loan type
• Down payment amount
• Home type and location
• Current market rates

Even small rate changes can significantly impact your mortgage payment.

Loan term

Your loan term is another factor that impacts your monthly payment rate. A longer loan term, like a 30-year fixed mortgage, has lower monthly payments because the total balance is spread over a longer time period. However, this will result in paying more interest over the lifetime of the loan. A 15-year fixed mortgage means higher monthly payments but less interest overall, while allowing you to gain equity faster.

Property taxes and insurance

Colorado’s property tax rate is among the lowest in the country, averaging 0.49% of a home’s value, depending on the county. For a typical Colorado home, this amounts to about $240 per month.

Homeowners insurance can be more expensive in mountainous areas with wildfire exposure, which can increase the overall monthly payment significantly. In Colorado, you can expect to pay around $389 per month.

How do mortgage payments in Colorado compare to others in the region?

Mortgage rates do not vary widely by state, but average payments differ due to home prices and tax structures.

Here’s how Colorado compares with its regional neighbors:

Colorado’s payments are in line with most of the surrounding states in the region.

Counties with the highest mortgage payments in Colorado

Colorado’s most expensive counties cluster around ski destinations, outdoor recreation hubs, and high-income communities.

Based on Q1 2025 median sale prices from the National Association of REALTORS®, here are the five counties with the highest estimated monthly mortgage payments:

Counties with the lowest mortgage payments in Colorado

More rural parts of the Eastern Plains and San Luis Valley offer significantly lower price points and more budget-friendly monthly payments.

Here are the five Colorado counties with the lowest estimated monthly mortgage payments:

How to calculate your mortgage payment

Lenders calculate your mortgage payment based on the loan amount, interest rate, and loan term. You can use a mortgage payment calculator to estimate your monthly costs based on different financial scenarios.

Colorado-specific mortgage resources

Colorado homebuyers have access to several state and local programs designed to improve affordability:

• Colorado Housing and Finance Authority (CHFA): Offers down payment assistance, competitive mortgage rates, and programs for first-time and low-to-moderate-income buyers.
• MetroDPA Program: Provides forgivable down payment assistance paired with a fixed-rate mortgage for eligible buyers in the Denver metro area.

Average mortgage payment in Colorado FAQ

Where can I find the lowest mortgage payment in Colorado?

The lowest average mortgage payments in Colorado are found in Crowley County, located in rural southeast Colorado. Monthly payments here are typically around $700.

Which county has the highest mortgage payment in Colorado?

Colorado’s highest mortgage payments are in Pitkin County, where the estimated monthly payment reaches $7,390.

How much do you need to make to afford a home in Colorado?

Using the standard “28/36” income-to-debt guideline, a household should spend no more than 28% of gross income on housing. With Colorado’s average mortgage payment of $1,811, a typical buyer would ideally earn about $6,500 per month, depending on taxes, insurance, and other debts.

The bottom line: Multiple factors shape your mortgage payment in Colorado

Colorado’s high demand and limited housing inventory contribute to above-average home prices and mortgage payments, but that doesn’t mean that affordable housing is impossible to find. While mountain counties dominate the high end of the market, Colorado still offers more affordable regions.

Whether you’re a first-time buyer or an experienced homeowner, get prequalified for a loan with Rocket Mortgage to understand your buying power and begin the process with confidence.

Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.

This article is for informational purposes only and is not intended to provide financial, investment, or tax advice. You should consult a qualified financial or tax professional before making decisions regarding your retirement funds or mortgage.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

Rocket Mortgage is not acting on behalf of FHA or HUD.

The 3% down payment option is only available on certain conventional loan products and is not available in all states. Additional terms and conditions may apply.