Total monthly cost of ownership
Cost to Own a Home in Monument, Colorado
A $586,000 home here costs
$4,152per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,013. The real number is $1,139 higher every month — 38% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Monument against El Paso County and Colorado
| Measure | Monument | El Paso County |
|---|---|---|
| Median home value | $586,400 | $431,000 |
| Median property tax | $3,215 | $1,773 |
| Effective tax rate | 0.548% | 0.411% |
| Median gross rent | $1,947 | $1,609 |
| Population | 11,035 | 736,008 |
The weather behind that power bill
Monument sits in El Paso County, which averages a high of 86.5°F in its hottest month and a low of 18.5°F in its coldest, with 15.91" of precipitation a year and 52% of it in a single three-month stretch. That climate drives 608 cooling and 5,889 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for El Paso County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in El Paso County
Full El Paso County cost breakdown · Every county in Colorado
Common questions
How much does it cost to own a home in Monument?
A $586,000 home in Monument, Colorado costs approximately $4,152 per month with 20% down at 6.66%. That is $3,013 principal and interest, $268 property tax, $170 homeowners insurance, $213 utilities and $488 set aside for maintenance.
What is the property tax rate in Monument?
Monument has an effective property tax rate of 0.548%, based on a median home value of $586,400 and median real estate taxes of $3,215. That is higher than the El Paso County average of 0.411%.
What is the average home price in Monument?
The median owner-occupied home value in Monument, Colorado is $586,400, against $431,000 across El Paso County.
Is it cheaper to rent or buy in Monument?
Median gross rent in Monument is $1,947 a month, against $4,152 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monument — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Colorado.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.