Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
Denver vs Colorado Springs: Mortgage Cost Comparison
Thinking about buying in Denver or Colorado Springs? Here's a side-by-side comparison of mortgage costs in both cities.
$3,316
Denver PITI
$2,512
Colorado Springs PITI
$804/mo
Difference
Your Monthly Payment (PITI)
-
Principal + Interest + Tax + Insurance
Monthly Breakdown
-
Property Tax
-
Insurance
Loan Overview
-
Total Interest
-
Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
-
Bi-Weekly Payment
-
Total Interest
-
Payoff Date
Denver vs Colorado Springs: Full Mortgage Comparison
Buying a home in Colorado Springs is $804/month cheaper based on average home prices and local costs.
| Denver, CO | Colorado Springs, CO | |
|---|---|---|
| Avg. Home Price | $560,000 | $420,000 |
| Down Payment (20%) | $112,000 | $84,000 |
| Loan Amount | $448,000 | $336,000 |
| Property Tax Rate | 0.52% | 0.49% |
| Annual Property Tax | $2,912 | $2,058 |
| Annual Insurance | $2,900 | $2,600 |
| Monthly P&I | $2,832 | $2,124 |
| Monthly PITI | $3,316 | $2,512 |
| Total Interest (30yr) | $571,399 | $428,549 |
What Drives the Difference?
Home prices are the biggest factor — Denver’s average home costs $140,000 more than Colorado Springs’s.
Property taxes also favor Colorado Springs — Denver’s 0.52% rate is higher than Colorado Springs’s 0.49%.
Insurance is $300/year more in Denver.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Denver | Colorado Springs | |
|---|---|---|
| Monthly PITI | $3,316 | $2,512 |
| Income needed | $142,114 | $107,654 |
Try Your Own Numbers
The calculator above is pre-filled with Denver’s averages. Adjust the values to match your situation, or try the Colorado Springs calculator for Colorado Springs-specific numbers.