Iowa Mortgage Calculator
Estimate your monthly mortgage payment in Iowa with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Iowa is $215,000 with an effective property tax rate of 1.49%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $13,045.92 | $1,922.52 | $11,123.40 | $170,077.48 |
| 1 | $1,087.16 | $155.49 | $931.67 | $171,844.51 |
| 2 | $1,087.16 | $156.34 | $930.82 | $171,688.17 |
| 3 | $1,087.16 | $157.18 | $929.98 | $171,530.99 |
| 4 | $1,087.16 | $158.03 | $929.13 | $171,372.96 |
| 5 | $1,087.16 | $158.89 | $928.27 | $171,214.07 |
| 6 | $1,087.16 | $159.75 | $927.41 | $171,054.32 |
| 7 | $1,087.16 | $160.62 | $926.54 | $170,893.70 |
| 8 | $1,087.16 | $161.49 | $925.67 | $170,732.21 |
| 9 | $1,087.16 | $162.36 | $924.80 | $170,569.85 |
| 10 | $1,087.16 | $163.24 | $923.92 | $170,406.61 |
| 11 | $1,087.16 | $164.12 | $923.04 | $170,242.49 |
| 12 | $1,087.16 | $165.01 | $922.15 | $170,077.48 |
Year 2 | $13,045.92 | $2,051.28 | $10,994.64 | $168,026.20 |
Year 3 | $13,045.92 | $2,188.66 | $10,857.26 | $165,837.54 |
Year 4 | $13,045.92 | $2,335.23 | $10,710.69 | $163,502.31 |
Year 5 | $13,045.92 | $2,491.61 | $10,554.31 | $161,010.70 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Iowa Housing Snapshot
| Median Home Value | $215,000 |
| Effective Property Tax Rate | 1.49% |
| Estimated Annual Property Tax | $3,204 |
| State Income Tax | Flat 3.8% (lowered from progressive system in 2025) |
| Homestead Exemption | $4,850 standard plus military exemption $1,852 |
| Avg Homeowners Insurance | $1,715/yr |
| Transfer & Recording Taxes | Real estate transfer tax $1.60 per $1,000 (0.16%) |
What Makes Buying in Iowa Different
Iowa combines low home prices with a higher property tax rate than most of the Midwest. The statewide median of $215,000 makes Iowa one of the most affordable entry markets in the US, while the 1.49% effective property tax rate adds around $3,200 to the annual cost of owning a median-priced home. Iowa simplified its income tax to a flat 3.8% in 2025, down from a progressive system that previously topped at 8.53%. The state homestead exemption is small at $4,850, though the assessed value protection is more meaningful: Iowa caps the taxable assessment of residential property at a statewide rollback (currently about 47%), so only a fraction of market value is actually taxed. Des Moines and its growing suburbs (Ankeny, Waukee, West Des Moines) drive most of the state's appreciation, while Cedar Rapids, Davenport, and the smaller cities offer extremely affordable entry points under $200,000 median.
Top Cities in Iowa
| City | Median Home Value |
|---|---|
| Des Moines | $215,000 |
| Cedar Rapids | $175,000 |
| Davenport | $165,000 |
| Iowa City | $280,000 |
| Ankeny | $325,000 |
Iowa applies a statewide residential rollback factor to assessed values before calculating property tax. The current rollback is approximately 47%, meaning only 47% of a home's assessed value is subject to property tax. This makes the headline 1.49% effective rate apply to less than half the home's value in practice. Commercial and rental properties have different rollback factors.
Iowa moved to a flat 3.8% income tax in 2025, completing a multi-year transition from a nine-bracket progressive system that topped at 8.53%. This significantly improves take-home pay for higher earners. Combined with relatively low housing prices, Iowa has become more competitive for high-income migration in recent years.
Iowa offers a $1,852 property tax exemption for honorably discharged veterans who served during specified eligible periods. Disabled veterans qualify for additional exemptions. This is in addition to the standard $4,850 homestead exemption. File with the county assessor in the year you wish the exemption to apply.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.