Iowa mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, your principal and interest, taxes, insurance, and PMI in Iowa. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Iowa housing market

In Iowa, the Hawkeye State, housing is relatively affordable compared to national a...verages. Iowans spend ~18% of their income on their homes, which is less than the ~20% national average. Home prices are lower than the national average. In recent years, Iowa home prices have been increasing, with the rate of increase slightly below U.S. national averages. Iowans are increasingly moving to cities from rural areas such as Des Moines, whose population growth is among the fastest growing cities in the Midwest.

Your monthly payment
30 year fixed loan term
Monthly payment
Principal & interest


Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types

Total principal: $240,000

Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,041$1,446
Mortgage Rate4.125%2.542%*2.99%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,041$1,446
Mortgage Rate4.125%2.542%*2.99%*
Total interest paid

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest


Iowa mortgage and refinance rates today (APR)

Loan typeAverage
1 day
1 year
30-year fixed2.954%
15-year fixed2.621%
5/1 ARM2.829%

Today’s rate

30-year fixed

Current rates in Iowa are 2.954% for a 30-year fixed, 2.621% for a 15-year fixed, and 2.829% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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First-time home buyer programs in Iowa

There are several national first-time home buyer programs that may be able to help you get into a home in Iowa.

Conventional mortgage

National program

What you need to know

Best for home buyers with good credit looking for low down payments or limited mortgage insurance premiums. A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie...

See full article

Average property tax in Iowa counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Iowa. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

CountyAvg. property tax rateAvg. home value
Adair County1.29%$93,200
Adams County0.91%$84,900
Allamakee County1.15%$122,800
Appanoose County1.43%$78,000
Audubon County1.0%$68,800
Benton County1.31%$147,800
Black Hawk County1.56%$153,300
Boone County1.43%$130,500
Bremer County1.41%$155,100
Buchanan County1.29%$132,500
Buena Vista County1.29%$111,100
Butler County1.24%$112,100
Calhoun County1.27%$77,800
Carroll County1.03%$127,400
Cass County1.42%$93,600
Cedar County1.15%$143,800
Cerro Gordo County1.31%$121,500
Cherokee County1.27%$89,200
Chickasaw County0.9%$105,100
Clarke County1.47%$105,000
Clay County1.39%$115,700
Clayton County1.23%$116,500
Clinton County1.5%$112,400
Crawford County1.03%$93,400
Dallas County1.51%$243,300
Davis County1.4%$109,100
Decatur County1.48%$76,300
Delaware County1.28%$126,000
Des Moines County1.5%$101,400
Dickinson County0.96%$175,900
Dubuque County1.29%$167,600
Emmet County1.31%$85,700
Fayette County1.3%$90,800
Floyd County1.19%$102,400
Franklin County1.24%$87,100
Fremont County1.2%$100,200
Greene County1.14%$88,900
Grundy County1.29%$129,900
Guthrie County1.2%$112,600
Hamilton County1.48%$98,900
Hancock County1.0%$97,600
Hardin County1.19%$91,300
Harrison County1.2%$107,600
Henry County1.37%$107,900
Howard County1.13%$107,700
Humboldt County1.27%$93,900
Ida County0.94%$91,900
Iowa County1.1%$143,900
Jackson County1.22%$117,000
Jasper County1.45%$122,800
Jefferson County1.46%$114,300
Johnson County1.49%$226,400
Jones County1.13%$130,700
Keokuk County1.37%$83,700
Kossuth County1.05%$104,300
Lee County1.41%$90,200
Linn County1.59%$157,600
Louisa County1.3%$104,200
Lucas County1.5%$84,900
Lyon County1.1%$125,200
Madison County1.37%$160,400
Mahaska County1.4%$110,100
Marion County1.35%$146,900
Marshall County1.45%$104,600
Mills County1.36%$157,000
Mitchell County1.1%$112,300
Monona County1.15%$84,300
Monroe County1.16%$99,100
Montgomery County1.63%$81,800
Muscatine County1.57%$128,100
Osceola County1.06%$89,500
Page County1.42%$87,600
Palo Alto County1.31%$98,100
Plymouth County1.26%$150,200
Pocahontas County1.01%$73,400
Polk County1.81%$180,700
Pottawattamie County1.63%$141,500
Poweshiek County1.27%$131,100
Ringgold County1.38%$79,600
Sac County1.04%$88,100
Scott County1.59%$158,800
Shelby County1.35%$111,700
Sioux County1.21%$153,800
Story County1.45%$200,300
Tama County1.24%$105,300
Taylor County1.15%$76,100
Union County1.44%$94,300
Van Buren County1.1%$82,700
Wapello County1.59%$81,000
Warren County1.53%$171,400
Washington County1.38%$140,400
Wayne County1.04%$74,700
Webster County1.48%$95,300
Winnebago County1.28%$94,400
Winneshiek County1.15%$161,500
Woodbury County1.58%$123,200
Worth County1.22%$98,000
Wright County1.37%$79,200

Source: American Communities Survey 2016, U.S. Census

How do I calculate my mortgage payment?

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a refinancing calculator.

Under "Down payment," enter the amount of the down payment (if you're buying) or the amount of equity you have (if refinancing).

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may also enter your own figures for property taxes, homeowners insurance and homeowners association fees, if you don't wish to use NerdWallet's estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

What's the formula for calculating a mortgage payment?

The mortgage payment calculation looks like this:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

  • M = monthly mortgage payment
  • P = the principal amount
  • i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
  • n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.

How can a mortgage calculator help me?

Determining what your monthly house payment will be is an important part of answering the question "how much house can I afford?" That monthly payment is likely to be the biggest part of your cost of living.

Using this tool to calculate your mortgage payment can help you run scenarios as you buy a home or consider a refinance. It can help you decide:

  • How long of a home loan term is right for you? A 30-year fixed-rate mortgage will lower your monthly payment, but you’ll pay more interest over the life of the loan. A 15-year fixed-rate mortgage can reduce the total interest you'll pay, but your monthly payment will be higher.
  • Is an ARM a good option? Adjustable-rate mortgages start with a "teaser" interest rate, and then the loan rate changes — higher or lower — over time. A 5/1 ARM can be a good choice, particularly if you plan on being in a home for just a few years. You’ll want to be aware of how much your monthly mortgage payment can change when the introductory rate expires, especially if interest rates are trending higher.
  • Are you buying too much home? The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
  • Are you putting enough money down? With minimum down payments commonly as low as 3%, it's easier than ever to put just a little money down. The mortgage payment calculator can help you decide what the best down payment may be for you.

What costs are included in a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

  • Principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Interest: What the lender charges you to lend you the money. Interest rates are expressed as an annual percentage.
  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual premium each month, and the servicer pays the bill when it's due.
  • Mortgage insurance: If your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender’s interest in case a borrower defaults on a mortgage. Once the equity in your property increases to 20%, the mortgage insurance is canceled, unless you have an FHA loan.

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

Can I reduce my monthly payment?

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

  • Extend the term (the number of years it will take to pay off the loan). With a longer term, your payment will be lower but you’ll pay more interest over the years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. With a down payment of 20% or more, you won’t have to pay private mortgage insurance. Similarly, keeping at least 20% equity in the home lets you avoid PMI when you refinance.
  • Get a lower interest rate. Making a larger down payment can not only let you avoid PMI, but reduce your interest rate, too. That means a lower monthly mortgage payment.

Can my monthly payment go up?

Yes, your monthly payment can go up over time:

  1. If property taxes or homeowners insurance premiums rise. These costs are included in most mortgage payments.
  2. If you incur a late payment fee from your mortgage loan servicer.
  3. If you have an adjustable-rate mortgage and the rate rises at the adjustment period.