Typical Iowa mortgage payment
The median home price in Iowa is roughly $220,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,740 | $1,181 |
| 5.50% | $1,798 | $1,249 |
| 6.00% | $1,856 | $1,319 |
| 6.50% | $1,916 | $1,391 |
| 7.00% | $1,977 | $1,464 |
| 7.50% | $2,039 | $1,538 |
| 8.00% | $2,102 | $1,614 |
| 8.50% | $2,166 | $1,692 |
| 9.00% | $2,231 | $1,770 |
| 9.50% | $2,297 | $1,850 |
| 10.00% | $2,364 | $1,931 |
What a Iowa mortgage really costs (PITI)
Principal & interest alone would run about $1,391/month at 6.50% over 30 years. But Iowa's property tax - roughly 1.57% of home value per year here - adds about $288/month, and estimated homeowners insurance adds around $64/month. Your real total monthly payment (PITI) on a $220,000 Iowa home is closer to $1,743/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $74,681/year. A 20% down payment here is $44,000.
Iowa vs. its neighbors
Iowa has the lowest estimated total monthly payment of its bordering states.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Iowa (this page) | $220,000 | 1.57% | $1,743/mo |
| Missouri | $250,000 | 0.98% | $1,857/mo |
| Nebraska | $260,000 | 1.73% | $2,094/mo |
| Illinois | $270,000 | 2.23% | $2,287/mo |
| Wisconsin | $290,000 | 1.85% | $2,365/mo |
| South Dakota | $290,000 | 1.24% | $2,217/mo |
| Minnesota | $340,000 | 1.12% | $2,566/mo |
What affects your Iowa payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.