Denver, Colorado Mortgage Calculator

Denver median home prices reach $600,000 in 2025, up 1.7% year-over-year despite cooling market. Cherry Creek and Washington Park command $900K-$1.5M, LoDo and RiNo condos range $400K-$700K. Affordable areas: Montbello $350K-$450K, Green Valley Ranch $420K. Inventory increased 48.5% year-over-year creating buyer opportunities. Market more balanced than 2021-2022 frenzy with homes averaging 35-40 days on market versus previous rapid sales.

For Denver's $600,000 median, buyers need $150,000-$175,000 annual income with 20% down ($120,000). Monthly costs run $3,900-$4,400 including mortgage, 0.51% property tax (Colorado assesses at 6.765% of value), insurance. Colorado has moderate flat income tax 4.4%. Strong employment from tech sector (Google, Amazon, Palantir), aerospace (Lockheed Martin), outdoor industry (REI, VF Corp), and cannabis sector supports high-income professionals attracted to 300 days sunshine and mountain access.

Denver property tax rate averages 0.51% of assessed value - significantly lower than many metros. Colorado assesses residential properties at 6.765% of actual value. On $600,000 home, taxable value is ~$40,590, resulting in $2,070-$3,060 annual property tax including local levies. Despite higher home prices, low property tax rate keeps absolute costs reasonable. No homestead exemption but seniors 65+ may qualify for property tax deferral program.

Value-conscious buyers target: Aurora $425K (eastern suburbs good schools), Lakewood $520K (western access mountains), Arvada $580K (northwest family-friendly), Thornton $550K (northern growth area). Within Denver: Montbello $380K, Green Valley Ranch $420K, Globeville/Elyria-Swansea $450K. Consider Baker/LoHi/RiNo condos $350K-$500K for urban living at lower entry than single-family premium neighborhoods like Cherry Creek or Wash Park.

Denver shifted toward buyers in 2025. Inventory increased 48.5% year-over-year, rental prices declined 5.6%, homes average 35-40 days on market. More negotiating power than competitive 2021-2022. Market remains fundamentally strong from Colorado tech sector growth, outdoor lifestyle appeal (skiing, hiking, cycling), 300 days sunshine, craft beer/food scene, limited new construction due to geographic constraints. Good balance of opportunity and stability for buyers planning 5+ year horizon.

With a $70,000 annual salary, you can typically afford a home priced between $210,000-$280,000, assuming good credit, 20% down payment, and following the 28/36 debt rule. Use our calculator above for your exact situation.

Minimum credit scores vary by loan type: Conventional loans require 620+, FHA loans accept 580+ (or 500+ with 10% down), VA loans have no minimum but lenders typically want 620+, and USDA loans need 640+.

A 20% down payment eliminates PMI requirements, which typically costs 0.5-1% annually. However, many buyers purchase with less down. This is educational information - evaluate your specific situation and consult professionals.

Closing costs typically range from 2-5% of the home price. On a $300,000 house, expect $6,000-$15,000 in closing costs including appraisal, inspection, title insurance, and lender fees.

A fixed-rate mortgage has the same interest rate for the life of the loan, meaning your monthly principal and interest payments are stable. An adjustable-rate mortgage (ARM) has a rate that changes periodically, so your monthly payments could increase or decrease.

To improve your DTI ratio, you can either increase your income or decrease your debt. Consider strategies like paying down high-interest loans, avoiding new debt, and exploring opportunities to boost your earnings.

A home appraisal is a professional assessment of a property's value. It is important because lenders use it to ensure they are not lending more money than the property is worth. A low appraisal can impact your ability to secure a loan.

A 15-year mortgage typically has a lower interest rate and you will pay less interest over the life of the loan. However, the monthly payments are higher. A 30-year mortgage has lower monthly payments, but you will pay more in interest over time.