Mortgage Calculator & Closing Costs: Canon City, CO
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Canon City, Colorado.
Median Home Price
$295K
Population
17K
Avg Monthly Rent
$1,120
Property Tax Rate
0.51% *
* Property tax shown is the Colorado state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Canon City.
Canon City vs Colorado Median
The median home price in Canon City is $295,000, which is 43% below the Colorado state median of $520,000.
Mortgage Calculator — Canon City, CO
Pre-filled with Canon City median home price and Colorado tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $295K home using Colorado's 0.51% tax rate and $3,200/yr insurance.
5% Down
$2,327/mo
Down: $14,750
Loan: $280K
P&I: $1,771
Tax: $125
Insurance: $267
PMI: $163
10% Down
$2,225/mo
Down: $29,500
Loan: $266K
P&I: $1,678
Tax: $125
Insurance: $267
PMI: $155
20% Down (No PMI)
$1,884/mo
Down: $59,000
Loan: $236K
P&I: $1,492
Tax: $125
Insurance: $267
Income needed (28% rule): $81K/year with 20% down, $95K/year with 10% down.
Rent vs Buy in Canon City
Rent
$1,120/mo
vs
Buy (10% down)
$2,225/mo
Price-to-rent ratio: 21.9 — At a ratio above 20, renting may be more economical in Canon City for shorter stays. Buying costs $1,105 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Canon City is $295,000, 43% below the Colorado state median of $520,000. With a population of 16,895, Canon City is a smaller market where home prices tend to be more accessible than in many parts of Colorado.
Property taxes in Colorado average 0.51% annually. This low property tax rate is a significant advantage for Canon City buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Colorado runs approximately $3,200 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Canon City is $1,120/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Canon City presents moderate affordability. The $295K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Canon City.