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$2,141$1,561
Mortgage Rate4.125%3.41%*3.85%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,141$1,561
Mortgage Rate4.125%3.41%*3.85%*
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 fixed3.734%
15-year fixed3.225%
5/1 ARM3.676%

Today’s rate

30-year fixed

Current rates in Iowa are 3.734% for a 30-year fixed, 3.225% for a 15-year fixed, and 3.676% for a 5/1 adjustable-rate mortgage (ARM).

Find top real estate agents in Iowa

Start building your winning home buying team! Our partner, HomeLight, analyzes millions of home sales to identify the best performing agent.

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

What’s included in a mortgage loan calculator?

A mortgage calculator used to look kind of like your grandfather’s cell phone. A bunch of buttons, a little screen and a lot of punching in numbers to get a result. The NerdWallet home mortgage calculator is different. It can calculate your monthly mortgage payment in no time.

Any good home mortgage calculator can do that. Even that big calculator stuffed in your grandpa’s shirt pocket. But an excellent mortgage payment calculator can do more. That’s why the NerdWallet monthly mortgage payment calculator also takes into account the additional costs — like taxes and insurance — that are included in your monthly payment. It’s called a PITI mortgage calculator, for principal, interest, taxes and insurance. We can also include HOA dues and PMI — private mortgage insurance — in your monthly payment calculation.

A lot of folks forget to include all those costs and are frankly a bit surprised when their monthly mortgage payment turns out to be a lot more than they counted on. The formula working behind the curtain of the NerdWallet mortgage calculator takes that bit of uncertainty out of the picture.

How to calculate your mortgage payment

For the paper and pencil mathletes out there, 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 to use a mortgage payment calculator

Determining what your monthly house payment will be is an important part of the “how much house can I afford?” decision. That monthly payment is likely to be the biggest part of your living overhead.

Using this tool to calculate your mortgage payment can help you run various scenarios in your decision process for buying a home. You may consider:

  • 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. Regardless of which term you choose, fixed-rate mortgages have interest rates that are locked in for the life of the loan.
  • 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 or so. You’ll want to be aware of how much your monthly mortgage payment can change, especially if interest rates are trending higher.
  • If you’re buying too much home. The NerdWallet mortgage payment calculator can help you take a reality check on just how much home you can afford, especially when considering your all-in costs, including taxes, insurance and PMI.
  • Are you putting enough money down? With minimum down payments commonly as low as 3% these days, 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 for you may be.

What are the monthly costs built into a monthly mortgage payment?

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But that’s rarely the case these days. There are a lot of costs that can be built into a monthly mortgage payment. Here are the five key components in play when you calculate mortgage payments:

  • Principal: Typically, this would be the home’s purchase price, less any down payment It’s the amount you borrow. If you’re buying a $500,000 home and put down $100,000, the principal would be $400,000.
  • Interest: What the lender charges you to loan 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.
  • 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.
  • Homeowners association (HOA) fee: This is paid by homeowners to an organization that assists with upkeep, property improvements and shared amenities.

Can I lower my monthly payment?

This is where a mortgage calculator can really bring some clarity to the home buying process: by helping you to work different payment scenarios.

Here are ways you can lower your monthly payment:

  • Extend the number of years for the loan. It’s called the loan term, something we mentioned above. As we said, your payment will be lower but you’ll be paying a lot more interest over the added years. Review your amortization schedule to see the impact of extending your loan.
  • Buy less house. Obviously, taking out a smaller loan means a smaller monthly mortgage payment.
  • Avoid paying PMI. By putting down 20% or more, you won’t have to pay private mortgage insurance. That can be another option to consider as you run “what ifs” in the mortgage calculator tool. However, if you’re looking at FHA loans, mortgage insurance can last for the entire length of the loan.
  • Get a better interest rate. Putting more money down not only can eliminate PMI, but lower your interest rate, too. That means a lower monthly mortgage payment. Shopping at least three lenders can also increase your odds of getting a better mortgage interest rate.

Can my monthly payment go up?

Now, you’ve calculated your monthly mortgage payment and you’ve got a number you’re happy with. What could make your payment go up from there:

  1. If you have an adjustable-rate mortgage, as we mentioned above.
  2. If costs included in your mortgage payment, such as property taxes or homeowners insurance premiums, go up. And they will, eventually.
  3. If your mortgage loan servicer charges a late payment fee.