Mortgage on a $500K house in Iowa
$3,471 a month with 20% down — $2,691 principal and interest plus $530 property tax and $250 insurance.
Iowa's typical property tax is 1.27% of the home's value a year (U.S. average 0.9%), which adds $530 a month on a $500K home. The typical home in Iowa is worth $236,623, so $500K is 111% above the typical price.
$500K home in Iowa: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $780 | $3,471 | $148,700 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $780 | $3,995 | $171,200 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $780 | $4,173 | $178,800 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $780 | $4,304 | $184,400 |
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 $500K buy a typical home?
No Iowa county has a typical home value within 15% of $500K.
99 of 99 Iowa counties tracked by Zillow have a typical home value at or below $500K. See all Iowa home prices.
Other prices in Iowa
Frequently asked questions
What is the mortgage on a $500K house in Iowa?
About $3,471 a month with 20% down at 7.11%: $2,691 principal and interest, $530 property tax and $250 insurance.
How much do I need to make to buy a $500K house in Iowa?
About $148,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in Iowa?
At Iowa's typical effective rate of 1.27%, about $6,359 a year. Rates vary by county and city — see the county pages.