Mortgage Calculator & Closing Costs: Colorado Springs, CO
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Colorado Springs, Colorado.
Median Home Price
$435K
Population
479K
Avg Monthly Rent
$1,520
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 Colorado Springs.
Colorado Springs vs Colorado Median
The median home price in Colorado Springs is $435,000, which is 16% below the Colorado state median of $520,000.
Mortgage Calculator — Colorado Springs, CO
Pre-filled with Colorado Springs median home price and Colorado tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $435K home using Colorado's 0.51% tax rate and $3,200/yr insurance.
5% Down
$3,305/mo
Down: $21,750
Loan: $413K
P&I: $2,612
Tax: $185
Insurance: $267
PMI: $241
10% Down
$3,154/mo
Down: $43,500
Loan: $392K
P&I: $2,475
Tax: $185
Insurance: $267
PMI: $228
20% Down (No PMI)
$2,651/mo
Down: $87,000
Loan: $348K
P&I: $2,200
Tax: $185
Insurance: $267
Income needed (28% rule): $114K/year with 20% down, $135K/year with 10% down.
Rent vs Buy in Colorado Springs
Rent
$1,520/mo
vs
Buy (10% down)
$3,154/mo
Price-to-rent ratio: 23.8 — At a ratio above 20, renting may be more economical in Colorado Springs for shorter stays. Buying costs $1,634 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 Colorado Springs is $435,000, 16% below the Colorado state median of $520,000. With a population of 478,961, Colorado Springs is a mid-size city 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 Colorado Springs 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 Colorado Springs is $1,520/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.
Colorado Springs is a higher-cost market. At $435K median, buyers need significant savings or strong income. Down payment assistance through Colorado's CHFA Down Payment Assistance program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Colorado Springs.