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Iowa City mortgage calculator
A median-priced Iowa City, IA home at 6.75% over 30 years, with Iowa property tax of 1.5% and $2,200 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$2,124 a month, all in
Principal and interest are $1,510; escrow and PMI add the rest. Over the full term the loan costs $310,877 in interest. Discounted at 5%, buying here has a net present value of $38,029 ($206,948 in today’s dollars).
Within Iowa, Iowa City is the most expensive of the 4 Iowa markets covered here. Prices here run 1.53x those in Davenport, the cheapest market listed, so a statewide average badly understates what a purchase costs on this side of the state.
Iowa City carries a premium over the rest of Iowa: a median home here runs $258,750, about 15% above the state median of $225,000. The deposit moves with it, so the same 20% down is $51,750 rather than $45,000.
Prices here have run ahead of rents: the local price index sits at 1.15 against a rent index of 1.10. A market where buying costs rise faster than renting does is one where the rent-vs-buy answer leans later — you need a longer hold before ownership wins.
Monthly cost in Iowa City vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $258,750 |
|---|---|
| Down payment (10%) | $25,875 |
| Loan amount | $232,875 |
| Principal & interest | $1,510/mo |
| Property tax (1.5%) | $323/mo |
| Homeowners insurance | $183/mo |
| PMI while above 80% LTV | $107/mo |
| Total monthly payment | $2,124/mo |
| Comparable rent | $1,320/mo |
What a rate move does to the Iowa City payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $1,322/mo |
| 6% | $1,396/mo |
| 6.5% | $1,472/mo |
| 7% | $1,549/mo |
| 7.5% | $1,628/mo |
| 8% | $1,709/mo |
Rent or buy in Iowa City?
Against $1,320 a month in rent, over 7 years renting leaves you about $48,697 better off — $40,967 once 2.5% inflation is stripped out. See the Iowa rent-vs-buy page.
Where these numbers come from
Iowa medians come from editorial and are refreshed weekly. The Iowa City figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.