Can I Afford a $250K Home in Colorado?
Complete mortgage breakdown for a $250,000 home in Colorado, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,599/mo
P&I: $1,314 + Tax: $102 + Insurance: $183
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $7,500 | $1,980 | $84,836 |
| 5% | $12,500 | $1,945 | $83,339 |
| 10% | $25,000 | $1,857 | $79,597 |
| 20% | $50,000 | $1,599 | $68,540 |
Monthly Cost Breakdown (Colorado)
Principal & Interest
$1,314/mo
Property Tax (0.49%)
$102/mo
Homeowners Insurance
$183/mo
Total Interest (30-yr)
$272,989
Affordability Rules of Thumb
28% Rule (Housing)
$68,540/yr
Minimum gross income
36% Rule (All Debt)
$53,309/yr
If no other debt
3Ã Income Rule
$83,333/yr
Conservative target
Buying a $250K Home in Colorado
A $250,000 home in Colorado is at or below the national median home price. With a 20% down payment of $50,000, your estimated monthly payment of $1,599 is achievable on a salary of $68,540 or more. Colorado's property tax rate of 0.49% is relatively low, helping keep costs down.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Colorado.