Iowa Mortgage Calculator

Calculate your monthly mortgage payment in Iowa. Pre-filled with Iowa's average property tax rate of 1.53%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$446
Homeowner's Insurance
$100
Total Monthly Payment
$2,316

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,316/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Iowa Housing Overview

Iowa has an average property tax rate of 1.53%. Iowa's cost of living is about 10% below the national average with very affordable housing.

Property Tax: 1.53%Progressive rates up to 5.7%Rates being reduced over timeNo tax on Social Security

Buying a Home in Iowa

If you're considering buying a home in Iowa, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Iowa's average property tax rate of 1.53% to give you a more accurate estimate.

Iowa Property Taxes

Iowa has an average effective property tax rate of 1.53%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.53% rate means approximately $5355 per year, or $446 per month in property taxes alone.

Cost of Living in Iowa

Iowa's cost of living is about 10% below the national average with very affordable housing. When evaluating whether to buy a home in Iowa, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Iowa Homebuyers

  • Iowa has been cutting income tax rates — check current year rates for accurate calculations
  • Iowa's low cost of living stretches your income further than most states
  • Iowa does not tax Social Security benefits
  • Des Moines' financial services industry offers strong career opportunities

Key Iowa Features

  • Progressive rates up to 5.7%
  • Rates being reduced over time
  • No tax on Social Security
  • Strong financial services sector

See How Your Iowa Mortgage Fits Your Financial Plan

This calculator shows your Iowa mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Iowa Mortgage Costs with Other States

Minnesota1.07% property taxWisconsin1.61% property taxIllinois1.97% property taxCalifornia0.71% property taxNew York1.46% property taxTexas1.80% property tax

Frequently Asked Questions

What is the average property tax rate in Iowa?
The average effective property tax rate in Iowa is approximately 1.53%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Iowa's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Iowa?
Your mortgage payment in Iowa depends on the home price, your down payment, interest rate, and loan term. With Iowa's average property tax rate of 1.53%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Iowa an affordable state to buy a home?
Iowa's cost of living is about 10% below the national average with very affordable housing. When evaluating affordability in Iowa, consider not just the home price but also property taxes (1.53% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Iowa property taxes compare to other states?
Iowa's average property tax rate of 1.53% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Iowa?
Most states, including Iowa, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Iowa's housing authority and the FHA, VA, and USDA loan programs for additional options.

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