Mortgage Calculator — Denver, CO
Median home price in Denver: $530,000. Monthly payment: $2,821/month (20% down, 7%, 30yr). Property tax rate: 0.55%.
= $106,000
Payment Breakdown
Denver Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $3,464 | $2,407 | $442,673 |
| 6% | $3,578 | $2,542 | $491,154 |
| 6.5% | $3,693 | $2,680 | $540,789 |
| 6.75% | $3,752 | $2,750 | $566,020 |
| 7% | $3,811 | $2,821 | $591,518 |
| 7.25% | $3,871 | $2,892 | $617,274 |
| 7.5% | $3,931 | $2,965 | $643,281 |
| 8% | $4,052 | $3,111 | $696,018 |
Denver Property Tax & Total Housing Cost
True Cost of a Home in Denver
What you actually pay over 30 years on a $530,000 home (20% down, 7%):
Homebuyer Tips for Denver, CO
The Denver housing market has its own dynamics. With a median price of $530,000 and a property tax rate of 0.55%, here are tips specific to buying in this area:
- Factor in property taxes early. At 0.55%, you'll pay $243/month in property tax alone — that's $2,915/year on the median home.
- Budget beyond the mortgage. Your true monthly housing cost in Denver is closer to $3,064/month when combining P&I and property tax — before insurance and maintenance.
- Get pre-approved locally. Lenders familiar with CO markets often have better rate options and faster closings for Denver properties.
- Compare neighborhoods carefully. Property tax rates and home values can vary significantly within Denver — a lower-tax neighborhood could save you thousands annually.
- Consider the 28% rule. To keep your Denver mortgage at 28% of gross income, you need a household income of at least $131,306/year.
- Research first-time buyer programs. CO may offer down payment assistance or reduced rates for first-time buyers purchasing in Denver.
Frequently Asked Questions — Denver Mortgages
How much house can I afford in Denver, CO?
Using the 28% rule, a household earning $100,000/year can afford roughly $403,638 in Denver. This accounts for the local property tax rate of 0.55%, which adds $243/month on the median home.
What is the monthly payment on a $530,000 home in Denver?
With 20% down and a 7% rate on a 30-year mortgage, the principal and interest payment is $2,821/month. Including property tax, expect to pay around $3,064/month before insurance.
Are property taxes high in Denver?
Denver's property tax rate is 0.55%. On the median home of $530,000, that's $2,915/year or $243/month. This is below the national average of about 1.1%.
Is a 30-year or 15-year mortgage better for Denver?
A 15-year mortgage at 6.75% on the median Denver home costs $3,752/month — $931 more than a 30-year — but saves $340,155 in total interest.
How much do I need for a down payment in Denver?
A 20% down payment on the median Denver home is $106,000. FHA loans allow as little as 3.5% down ($18,550), though you'll pay mortgage insurance.
What credit score do I need to buy a home in Denver?
Most conventional loans require a 620+ credit score, while FHA loans accept 580+. For the best rates on a $530,000 home in Denver, aim for 740 or higher — it can save you 0.5-1% on your rate.
How do I lower my mortgage payment in Denver?
You can lower your payment by making a larger down payment, buying down your rate with points, choosing a longer term, or shopping around for lower rates. In Denver, you could also look at neighborhoods with lower property tax assessments.
What is the total cost of owning a home in Denver for 30 years?
On the median $530,000 home with 20% down at 7%, you'll pay $1,121,518 in mortgage costs alone, plus $87,450 in property tax — a true total of $1,208,968 over 30 years.
Affordability in Denver
Based on 28% housing cost rule. Includes property tax.