Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Colorado homebuyers.
Pre-filled with Colorado medians. Adjust for your property.
Estimated closing costs based on Colorado tax rates and fees.
The median home price in Colorado is $520,000, with property taxes averaging 0.51% annually. Colorado's low property tax rate is a major advantage for buyers, keeping monthly costs well below what you'd pay in high-tax states.
Closing costs in Colorado average $7K (1.4%% of purchase price). The state charges a 0.01% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $3,200 per year. Insurance costs are notably high — factor this into your monthly budget.
Colorado offers the CHFA Down Payment Assistance for first-time buyers: Up to $25,000 second mortgage. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Colorado is a higher-cost market. At $520K median, buyers need significant savings or strong income. Down payment assistance and competitive rate-shopping become especially important.