Cost To Buy: Denver vs. Colorado Springs vs. Pueblo

Thinking about where your money goes further along the Front Range? If you are comparing Denver, Colorado Springs, and Pueblo, you are not alone. Prices, taxes, insurance, and even HOA fees can shift your monthly payment and your cash needed to close. In this guide, you will see a clear side-by-side look at buyer costs, how to calculate your exact payment, and a simple worksheet you can use to plug in current numbers. Let’s dive in.

What drives your monthly cost

Your total cost to buy and own a home comes from a few pieces that work together:

• Purchase price and down payment
• Mortgage principal and interest (P&I)
• Property taxes
• Homeowners insurance
• HOA or condo fees (if any)
• Private mortgage insurance (PMI) if you put less than 20% down
• Buyer closing costs (lender, title, appraisal, prepaids)

A good comparison puts these pieces side by side for each city. That way, you can see both the up-front cash and the true monthly cost.

How we compare cities fairly

To keep things apples to apples, use the same structure for each city:

• Use the latest median sale price for the city, not the metro. Median sale price is the middle of closed sales, which is better for comparisons than listing prices.
• Use a current 30-year fixed mortgage rate quote or a weekly national average.
• Use each county’s effective property tax rate or a known annual bill for a median-priced home.
• Add realistic insurance estimates by area and property type.
• Include HOA fees only if they commonly apply to the home type you are comparing.

Key formulas you will use:

• Loan amount = Purchase price − Down payment
• Monthly interest rate r = annual rate ÷ 12
• Number of payments n = years × 12
• Monthly P&I = L × [r ÷ (1 − (1 + r)^(−n))]
• Monthly property tax = (purchase price × effective tax rate) ÷ 12
• Monthly PMI (if <20% down) = (annual PMI % × loan amount) ÷ 12

Illustrative comparison: Denver vs. Colorado Springs vs. Pueblo

The figures below are simple examples to show how the math works. You should update the purchase prices, tax rates, and interest rate before you make decisions.

Assumptions used for the example

• 30-year fixed mortgage rate: 6.75%
• Property tax rate: 0.60% of purchase price per year
• Homeowners insurance: $1,200 per year ($100 per month)
• No HOA fees in these examples
• Buyer closing costs: 2.5% of purchase price

Scenario A: 20% down (no PMI)

• Denver example price: $575,000
• Colorado Springs example price: $475,000
• Pueblo example price: $300,000

Notes:

• Est. P&I is based on the 6.75% rate and the loan amount shown.
• Est. cash to close here equals down payment plus buyer closing costs. Your actual Closing Disclosure will also include prepaids and lender escrows.

Scenario B: 5% down (with PMI)

This scenario shows how lower down payments change monthly cost and reduce cash to close. PMI is estimated at 0.6% of the loan amount per year. Actual PMI depends on credit score and loan program.

What changes vs. 20% down:

• Monthly payments rise because you are borrowing more and paying PMI.
• Up-front cash drops by tens of thousands, which can help first-time buyers get in sooner.

What these numbers mean for you

• In this example, moving from Denver to Colorado Springs lowers the estimated 20% down monthly by about $568. Moving from Denver to Pueblo lowers it by about $1,563.
• With 5% down, the spread is still meaningful. The Denver to Colorado Springs difference is about $713 per month. The Denver to Pueblo gap is about $1,962 per month.
• Interest rate movement can change your monthly payment as much as price differences. Always test your scenario at slightly higher and lower rates.

Property taxes and insurance across the three counties

• Effective property tax rates in Colorado are generally lower than many states. A common range is about 0.4% to 0.8% of market value, but each county assessor has its own rules. Always verify for the City and County of Denver, El Paso County, and Pueblo County.
• To estimate monthly property tax quickly, multiply the purchase price by the tax rate, then divide by 12.
• Homeowners insurance varies by location, construction type, and hazard risks. In many cases you will see $700 to $2,000 or more per year. Hail and wildfire exposure can influence premiums by ZIP code. Get a local quote for the property you want.

A simple worksheet you can use today

Copy these fields into a note on your phone or a spreadsheet. Update with current local numbers and quotes.

• City or ZIP:
• Source and date for median purchase price:
• Purchase price ($):
• Down payment (%) and $:
• Loan amount ($) = Purchase price − Down payment
• Interest rate (annual %) and loan term (years):
• Monthly P&I (calculator or formula):
• Effective property tax rate (%) or annual tax ($):
• Monthly property tax ($) = (Purchase price × tax %) ÷ 12
• Annual homeowners insurance ($) → Monthly insurance ($):
• Monthly HOA (if any):
• PMI rate (annual % if applicable) → Monthly PMI = (PMI % × loan) ÷ 12:
• Estimated monthly total = P&I + tax + insurance + HOA + PMI
• Buyer closing costs (%) → $ and notes:
• Seller estimated closing costs/commissions (%) → $ and notes:
• Estimated total cash to close = Down payment + buyer closing costs + prepaid escrow

Tip: Run at least two versions for each city. Do a 20% down scenario and a lower down payment scenario. Then test the same numbers at a slightly lower and higher interest rate to see how sensitive your payment is.

Which city could fit your budget best

Use this quick checklist to narrow your options:

• Monthly payment target. Which city lets you stay within your ideal monthly range at a comfortable down payment level?
• Cash to close. How much do you want to invest up front today versus keep in savings?
• Property type and HOA. Are you looking at single-family homes with no HOA or condos and townhomes where HOA fees matter?
• Commute and daily routes. Consider the time and cost of your routine drives, transit options, and schedule flexibility.
• New construction vs. resale. Are there move-in ready homes or builder options in your price range right now in the area you prefer?
• Long-term plans. How long do you plan to keep the home and how important is flexibility to refinance when rates change?

When you are ready, a personalized side-by-side can show you the exact payment ranges for the neighborhoods and home types on your shortlist.

Ready for a personalized estimate?

If you want a clear, current-side comparison for Denver, Colorado Springs, and Pueblo using today’s prices, local taxes, insurance, and your down payment, we are here to help. Request a custom worksheet and lender-ready estimate from Rosalind Saucedo. Hablamos español.

FAQs

How do monthly costs compare among Denver, Colorado Springs, and Pueblo?

• In the example above with 20% down, the estimated total monthly is about $3,370 for Denver, $2,802 for Colorado Springs, and $1,807 for Pueblo, based on the stated assumptions.

How much cash to close might I save by buying in Pueblo instead of Denver?

• Using the example assumptions, estimated cash to close is about $67,500 in Pueblo versus $129,375 in Denver at 20% down.

What closing costs should I expect as a buyer?

• A common range is 2% to 5% of the purchase price and can include lender fees, appraisal, title and escrow services, and prepaids for taxes and insurance.

How are property taxes estimated for each city?

• Multiply the purchase price by the effective local tax rate, then divide by 12 for a monthly number. Always verify the rate with the county assessor for the property’s location.

How does putting less than 20% down affect my payment?

• Your monthly payment usually rises because you borrow more and add PMI. In the 5% down example, PMI was estimated at 0.6% of the loan per year and increased the total monthly by hundreds of dollars.

How much does the interest rate change my payment?

• Even a small rate change can shift your P&I by hundreds of dollars, which can be as impactful as price differences between cities. Always test your numbers at a slightly lower and higher rate.