Quick answer
The median home in Colorado Springs costs $465K. With 20% down ($93K) at 7% for 30 years, the monthly payment is $2,475/month. Total interest paid over 30 years: $518,973.
Calculator · CO · 2026
Mortgage Calculator for Colorado Springs, CO (2026)
Pre-filled with Colorado Springs's median home price of $465K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Colorado Springs Mortgage Payment Scenarios
Median home price: $465K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $23,250 | $441,750 | $2,939 | $3,971 | $616,281 |
| 10% | $46,500 | $418,500 | $2,784 | $3,762 | $583,845 |
| 20% | $93,000 | $372,000 | $2,475 | $3,344 | $518,973 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Colorado Springs
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $465K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$465K home · 20% down ($372K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Colorado Springs?
The median home price in Colorado Springs is $465K. With 20% down and a 30-year loan at 7%, the monthly payment is $2,475. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,940.
Is it cheaper to rent or buy in Colorado Springs?
A 2-bedroom rental in Colorado Springs averages $1,800/month. Buying the median $465K home with 20% down costs approximately $2,940/month (mortgage + taxes + insurance) — $1,140 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Colorado Springs?
Using the 28% housing rule, you need at least $106K–126K in annual gross income to comfortably afford the median $465K home in Colorado Springs with 20% down. You also need $93K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Colorado Springs?
CO has a state income tax rate of 4.4%. Property taxes vary by county but on a $465K home, expect $388–$775/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.