Buying in the Mile High City? Use our local mortgage calculator denver to estimate your monthly payments accurately. We factor in Denver County’s specific property tax rates and the HOA fees common in neighborhoods from LoDo to Cherry Creek.
mortgage calculator denver
mortgage calculator denver Formula
This calculator determines the total monthly PITI (Principal, Interest, Taxes, Insurance) plus HOA fees, tailored to the Denver market where taxes are lower but HOAs are common.
Total = P&I + (Tax/12) + (Ins/12) + HOA
Variables
- P&I: Loan repayment.
- Tax: Denver County property tax (approx 0.55% of assessed value).
- Insurance: Homeowner’s policy.
- HOA: Homeowners Association dues (Condos/HOAs).
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What is a Denver Mortgage Calculator?
A mortgage calculator denver accounts for local variables that national calculators miss. While Colorado has relatively low property tax rates compared to the national average, home prices in Denver are higher than average, and many properties (especially downtown condos) carry significant HOA fees.
This tool helps you see if you can afford to buy in neighborhoods like Capitol Hill, Washington Park, or the Highlands by summing up all these costs.
How to Calculate Denver Mortgage Payments (Example)
- Home Price: $600,000 (Denver Condo).
- Down Payment: 20% ($120,000). Loan: $480,000.
- Rate: 6.5%. P&I = ~$3,034.
- Tax: 0.55% = $3,300/yr -> $275/mo.
- HOA: $350/mo (Condo fee).
- Total: $3,034 + $275 + $350 + Ins = ~$3,784/mo.
Frequently Asked Questions (FAQ)
Denver has one of the lowest residential property tax rates in the country, typically around 0.5% to 0.6% of the home’s actual value, though assessments are updated every two years.
The conforming loan limit for Denver County is higher than the national baseline (often over $780k). You can borrow more using a standard conventional loan here without triggering Jumbo rates.
Closing costs generally run 1% to 2% of the purchase price. Denver buyers typically pay for title insurance, recording fees, and pre-paid taxes/HOA.
With rising rents, buying can lock in your housing cost. Use our Rent vs Buy Calculator to compare based on your specific timeframe.