Mortgage on a $400K house in Iowa
$2,777 a month with 20% down — $2,153 principal and interest plus $424 property tax and $200 insurance.
Iowa's typical property tax is 1.27% of the home's value a year (U.S. average 0.9%), which adds $424 a month on a $400K home. The typical home in Iowa is worth $236,623, so $400K is 69% above the typical price.
$400K home in Iowa: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $80,000 | $320,000 | $2,153 | $0 | $624 | $2,777 | $119,000 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $624 | $3,196 | $137,000 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $624 | $3,339 | $143,100 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $624 | $3,443 | $147,600 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.27% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Iowa does $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Dickinson County | $384,118 | 0.92% | $2,661 |
| Dallas County | $355,003 | 1.41% | $2,821 |
99 of 99 Iowa counties tracked by Zillow have a typical home value at or below $400K. See all Iowa home prices.
Other prices in Iowa
Frequently asked questions
What is the mortgage on a $400K house in Iowa?
About $2,777 a month with 20% down at 7.11%: $2,153 principal and interest, $424 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Iowa?
About $119,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Iowa?
At Iowa's typical effective rate of 1.27%, about $5,087 a year. Rates vary by county and city — see the county pages.