Estimate your monthly mortgage payment with taxes, insurance, and more

Trying to figure out how much house you can afford? Our Colorado mortgage calculator makes it easy to estimate your monthly payment based on your loan amount, interest rate, down payment, and other key details. Whether you’re buying your first home in Centennial or upgrading in Castle Rock, this tool helps you plan ahead with confidence.

What does a mortgage calculator do?

A mortgage calculator gives you an estimate of your monthly mortgage payment based on:

  • Purchase price
  • Down payment
  • Current mortgage rates (your interest rate)
  • Interest rate
  • Loan term (15, 20, or or 30-year fixed rate)
  • Property taxes and homeowners insurance premiums
  • Mortgage insurance (if required)
  • HOA dues (if applicable)

Note: A calculator helps you project your ongoing monthly expenses, but it does not calculate your upfront closing costs. This is a great starting point for buyers who want to see what comfortably fits their budget before talking to mortgage lenders. When evaluating your affordability, always remember to factor in your other existing debts, such as car payments or student loans.

Need help estimating property taxes in your area? Try the Colorado Property Tax Calculator from SmartAsset

What costs should I include?

A mortgage payment is typically made up of four parts—often called PITI:

  1. Principal – the amount you borrow
  2. Interest – the cost of borrowing the money (together, these make up your core principal and interest payment)
  3. Taxes – annual property taxes, divided monthly
  4. Insurance – homeowners insurance (plus PMI, if applicable)

We highly recommend including PMI (private mortgage insurance) in your calculation for down payments under 20%. Additionally, be sure to add HOA fees if you’re buying a condo or townhome to get the most accurate estimate possible.

Colorado-specific tips:

  • Property taxes vary widely across counties (Douglas vs. El Paso, for example)
  • HOA dues can impact your qualifying ratio—factor those in!
  • Many buyers in Centennial, Castle Rock, Parker, and Denver benefit from down payment assistance, which can reduce your upfront costs and improve affordability

Ready to get specific?

Our calculator is a great place to start, but we can help you run custom numbers based on your actual credit, income, and home price range.

Call or text us at 303-670-0137, email rj@rjbaxter.com, or request your personalized quote. We’re local to Centennial and help buyers all across Colorado understand their options and what they can afford.