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Mortgage Calculator /With Taxes and PMI /Iowa

Iowa Mortgage Calculator

Set to Iowa’s own property tax rate of 1.29% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($45,400)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,468
Monthly payment
$1,157
Principal & interest
$244
Taxes
$66
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $181,600 Interest paid $235,066
20262056
Total of 360 payments$528,356
Principal$181,600
Interest$235,066
Taxes$87,840
Insurance$23,850
HOA fees$0
P&I 78.9% Taxes 16.6% Insurance 4.5%
15- vs 30-year term at 6.58%
15-year
$1,590/mo P&I
$104,587 total interest
30-year · current
$1,157/mo P&I
$235,066 total interest
The 15-year term saves $130,479 in interest. Which term is right for you?

What these numbers come from

Median home value
$227,300
Median tax bill
$2,937
Effective tax rate
1.29%
Rank of 51
9th highest

Iowa taxes property at about 1.29% of value against 0.89% nationally. On a $227,000 home that is $76 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Iowa home prices

20% down, 30-year fixed at 6.58%, with Iowa property tax of 1.29% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$136,000 $108,800 $693 $146 $879
$182,000 $145,600 $928 $196 $1,177
$227,000 median $181,600 $1,157 $244 $1,468
$284,000 $227,200 $1,448 $305 $1,836
$341,000 $272,800 $1,739 $367 $2,205

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Iowa taxes alone add $244 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $162 $996 $310 $181,438
Sep $163 $995 $310 $181,276
Oct $163 $994 $310 $181,112
Nov $164 $993 $310 $180,948
Dec $165 $992 $310 $180,783
2026 $817 $4,970 $1,551 $180,783
Jan $166 $991 $310 $180,617
Feb $167 $990 $310 $180,450
Mar $168 $989 $310 $180,282
Apr $169 $989 $310 $180,113
May $170 $988 $310 $179,943
Jun $171 $987 $310 $179,772

Refinancing in Iowa

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Iowa home loans in detail

Iowa Mortgage Overview

Iowa is a beautiful state with little traffic and low crime rates, something completely opposite of many states with larger cities. Iowa is a beautiful state that's perfect for people of all ages, likes, and dislikes.

The average home price in Iowa is $250,000 and over 70 percent of the homes in Iowa are owner-occupied. Whether you want to live the city life or out in the open where it's quieter, there is something for everyone in Iowa.

Here are the top mortgage programs available for Iowa residents.

Iowa FHA loans

If you are just starting in life, you may not have great credit. You may not even have any credit. FHA loans are a great option for this situation. You need just a 580 credit score and a 3.5 percent down payment. FHA lenders have flexible guidelines and low costs. You'll pay mortgage insurance for the loan's term for the flexibility, but for first-time buyers, it's a great opportunity.

Iowa VA loans

Veterans of the military enjoy VA loans because they offer 100 percent financing and low closing costs. Veterans need just a 620 credit score and average debt ratios. If you can prove you can cover the loan, your current debts, and the daily cost of living, you're on your way to a VA loan and owning your first home.

Iowa USDA loans

Iowa is a great place to live the rural life and USDA loans make it easy to buy a home there. With 100 percent financing, low to moderate-income families can have a great opportunity for a loan if they have at least a 640 credit score.

Iowa conventional loans

If you have great credit and a low amount of debt, the Iowa conventional loan is a great option. You need just 3 percent down, decent credit, and low debt ratios. If you put less than 20 percent down, you'll pay PMI, but you can cancel it once you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Iowa

FirstHome

The Iowa Finance Authority offers two down payment assistance options - a $2,500 grant you don't have to repay or a second mortgage worth up to 5 percent of the sales price or $5,000 whichever is less. The second mortgage is repayable when you refinance the loan or sell the home. For either option, you need a 640 credit score, max 45 percent debt ratio, and proof you'll occupy the property as your primary residence.

Military Home Ownership Assistance Program

This is a $5,000 grant to veterans to help with down payment and/or closing costs.

Iowa mortgage FAQ

How much is property tax on a home in Iowa?
Iowa homeowners pay an effective property tax rate of about 1.29 percent of home value — the 9th highest of the 50 states and DC. On the state's median home value of $227,300 that works out to roughly $2,928 a year, or $244 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Iowa home?
At $227,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,157 a month. Adding Iowa property tax of roughly $244 a month and an estimated $66 of homeowner insurance brings the full payment to around $1,468.
What kinds of home loans can you get in Iowa?
Iowa offers FHA loans with just a 580 credit score and 3.5 percent down, VA loans with 100 percent financing and low closing costs for veterans with a 620 score, USDA loans with 100 percent financing for low to moderate income families with a 640 score, and conventional loans with 3 percent down where PMI can be canceled once you owe under 80 percent of the home value.
What assistance does Iowa give first-time homebuyers?
The Iowa Finance Authority FirstHome program offers two down payment options, a grant you never repay or a second mortgage worth up to 5 percent of the sales price that is repaid when you sell or refinance. You need a 640 credit score, a debt ratio of 45 percent or less, and must live in the home. Veterans can also get the Military Home Ownership Assistance Program grant.
What credit score do Iowa lenders look for?
FHA loans set the lowest bar at a 580 credit score with 3.5 percent down, making them popular with buyers who are just starting out. VA loans require a 620 score, while USDA loans and the FirstHome assistance program both look for at least 640. Conventional loans need decent credit and low debt ratios to secure the best terms.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.