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 |
At 6.50% over 30 years, a $220,000 home in Iowa costs about $1,391/month in principal & interest.
What affects your Iowa payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.