We study the evolution of the FU Ori object V960 Mon since its outburst, using available multiwavelength photometric time series over 8yr, complemented by several epochs of moderate-dispersion spectrophotometry. We find that the source fading can be well-described by a decrease in the temperature of the inner disk, which results from a combination of decreasing accretion rate and increasing inner disk radius. We model the system with a disk atmosphere model that produces the observed variations in multiband photometry (this paper) and high-resolution spectral lines (a companion paper; 2023ApJ...958..140C).