According to the U.S. Census Bureau’s latest American Housing Survey, the average monthly mortgage payment in the U.S. is $1,487.00. In Colorado, that number is slightly higher, coming in at an average monthly mortgage payment of $1,681.00.
However, in some cities of Colorado, homeowners pay more for their mortgage due to higher home prices. In other areas, the average monthly payment is less.
If you’re considering buying a home in Colorado, you may be wondering what to expect for your monthly payment. Below, we’ve provided some information about average mortgage payments in different cities of Colorado including Denver, Grand Junction, Colorado Springs, and Pueblo.
Factors that Affect Your Monthly Mortgage Payment
Home prices play a big role in determining the average mortgage cost for different cities. However, they’re not the only important factor. In addition to the amount of your loan, there are other factors that affect your monthly mortgage payment. This includes:
- The interest rate on your loan
- The term length of the loan, i.e., the time required to fully pay it off
- Homeowners insurance
- Property taxes
- Private mortgage insurance (PMI)
Average Monthly Mortgage Payment for Cities in Colorado
Here are some figures that can give you an idea of monthly mortgage payments in Colorado:
- The average cost of a house in Pueblo is $280,723.00, and the monthly mortgage payment is around $1,053.00.
- The average cost of a house in Grand Junction is $278,809.00, and the monthly mortgage payment is around $1,048.00.
- The average price of a home in Colorado Springs is $388,907.00, and the monthly mortgage payment is around $1,350.00.
- The average price of a house in Denver is around $568,178.00 while the monthly mortgage payment is approximately $2,376.00.
Our Advice: Stick to Your Budget
Knowing the average mortgage cost for different cities can be helpful because it allows you to narrow down your options. It can also prevent you from getting your heart set on a particular home or area that you can’t afford.
Remember, Colorado has become a popular place to live and home prices have gone up in the last few years. While places like Denver and Boulder used to be relatively affordable, these areas are now very desirable and much more expensive than they used to be.
So, while you may once have dreamed of being able to walk out your back door and hike to the Flatirons, ask yourself if that’s truly a realistic scenario. Instead of buying a home you can’t afford in Boulder and winding up with a huge mortgage payment, consider a more affordable suburb that’s only a short drive away like Loveland or Greeley.
Sure, you’ll have to drive a little bit to get to the best trails. But you’ll save a lot of money and stress by sticking to your budget.
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