Mortgage Calculator in Iowa

Calculate your monthly mortgage payment in Iowa using the 2026 median home price of $200K and current local rates. Adjust the inputs below to match your situation.

Iowa Housing Market at a Glance (2026)

$200K

Median Home Price

6.89%

Avg Mortgage Rate

1.57%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Iowa: Costs to Know

Average closing costs1.8% of purchase price

On a $200K home, closing costs ≈$3,600

Median household income$65,000/yr

State income tax (top rate)6%

First-Time Buyer Programs in Iowa

Iowa offers state-sponsored programs that can reduce your down payment or closing costs:

✓IFA FirstHome Program
✓FirstHome Plus

How Mortgage Payments Work in Iowa

A standard mortgage payment in Iowa is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $200K home in Iowa with a 10% down payment at 6.89% over 30 years, your principal and interest payment comes to approximately $1,184/month— not including property taxes or homeowner's insurance.

Iowa's property tax rate of 1.57% adds roughly $262/month to your total housing cost on a $200K home. This rate is above the national average of ~1.1%, so factor it carefully into your budget.

Iowa vs. National Average

Metric	Iowa	National Avg
Median Home Price	$200,000	$420,000
Property Tax Rate	1.57%	1.07%
Avg Mortgage Rate	6.89%	6.85%
Cost of Living Index	90	100

Frequently Asked Questions — Mortgage Calculator in Iowa

What is the average mortgage payment in Iowa?+

Based on the median home price of $200K in Iowa with a 10% down payment and 6.89% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,184. Adding property taxes (~$262/mo) and homeowner's insurance, total PITI is typically $1,596–$1,696/month.

What is the property tax rate in Iowa?+

Iowa has an average effective property tax rate of 1.57%. On the median home price of $200K, that equals roughly $3,140 per year — or $262 added to your monthly mortgage payment. This is above the national average of ~1.1%, so budget carefully.

How much down payment do I need to buy a home in Iowa?+

The typical down payment in Iowa is 10% — about $20,000 on the median $200K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like IFA FirstHome Program.

What are closing costs in Iowa?+

Average closing costs in Iowa are approximately 1.8% of the purchase price — about $3,600 on the median $200K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Iowa?+

To afford the $200K median home in Iowa under the 28% housing-cost rule, you need a gross monthly income of at least $5,700 — roughly $68K/year. The median household income in Iowa is $65,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.