The average annual property tax in Colorado is $1,113, and the real estate tax rate is around 0.51% — the third cheapest in the country. MoneyGeek developed its Colorado mortgage calculator to help homeowners estimate their average monthly mortgage costs and understand the cost breakdown.
A mortgage payment generally includes principal, interest, property taxes, homeowners insurance, and other costs like private mortgage insurance (PMI), flood charges and homeowners association (HOA) dues. Understanding the costs and fees associated with a mortgage helps you make a budget and have a better idea of your financial responsibilities.
In this guide, MoneyGeek explains how to use the mortgage calculator and get cheaper mortgage rates in Colorado. We also listed the steps you need to take after getting an estimate of your monthly mortgage costs in the state.