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Iowa mortgage costs
What a typical Iowa (IA) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $225,000 |
|---|---|
| 10% down payment | $22,500 |
| Loan amount | $202,500 |
| Principal & interest (30yr @ 6.75%) | $1,313/mo |
| Property tax (1.5%) | $281/mo |
| Homeowners insurance | $183/mo |
| PMI (until 20% equity) | $84/mo |
| Estimated total monthly | $1,862/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Iowa different
High tax rate on low prices; derecho and hail claims have pushed insurance up faster than the payment itself.
Entry prices are among the country's more forgiving: a median $225,000 is the 6th lowest in the country, $117,500 below the national median, so a 20% deposit is roughly $45,000.
Property tax is the line that shapes a Iowa budget. The 1.50% effective rate is the 11th highest in the country, adding $281 a month on a median $225,000 home — $3,375 a year that never amortises away and rises with assessed value long after the loan is paid off.
At $225,000 to buy against $1,200 a month to rent, the price-to-rent ratio is 15.6 — the 14th lowest in the country, close enough to the middle that the answer turns on your holding period and what a down payment would earn invested instead.
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