Conventional Loan Calculator — Iowa
In Iowa, one-unit loans up to $832,750 are conforming. With 10% down on the typical $240,000 home, the $216,000 loan carries estimated PMI of 0.72% ($130/mo), which drops off after about 9 years once the balance reaches 80% of the price.
Iowa has the 9th-highest effective property tax rate of the 50 states at 1.33% — $1,008 more a year than the 0.91% state average on a $240,000 home. Homeowners insurance averages $2,902 a year, the 19th-highest premium nationally and $182 more than the typical state.
Loan Parameters
Total Monthly Payment
$2,079
Principal & Interest + Taxes + Insurance
APR 7.488%
Total Interest
$302,905
Total Cost
$714,683
Advanced Parameters
Private Mortgage Insurance (PMI)
Your down payment is below 20%. PMI is estimated at 0.72% annually and is removed here when your LTV reaches 80%.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Feb 2035
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $17,297 | $2,182 | $15,115 | $1,555 | $213,818 | $26,182 |
| Year 2 | $17,297 | $2,340 | $14,957 | $1,555 | $211,479 | $28,521 |
| Year 3 | $17,297 | $2,510 | $14,787 | $1,555 | $208,969 | $31,031 |
| Year 4 | $17,297 | $2,692 | $14,605 | $1,555 | $206,277 | $33,723 |
| Year 5 | $17,297 | $2,888 | $14,409 | $1,555 | $203,389 | $36,611 |
| Year 6 | $17,297 | $3,097 | $14,200 | $1,555 | $200,292 | $39,708 |
| Year 7 | $17,297 | $3,322 | $13,975 | $1,555 | $196,970 | $43,030 |
| Year 8 | $17,297 | $3,563 | $13,734 | $1,555 | $193,407 | $46,593 |
| Year 9 | $17,297 | $3,822 | $13,475 | $518 | $189,584 | $50,416 |
| Year 10 | $17,297 | $4,100 | $13,197 | — | $185,485 | $54,515 |
| Year 11 | $17,297 | $4,397 | $12,900 | — | $181,088 | $58,912 |
| Year 12 | $17,297 | $4,717 | $12,580 | — | $176,371 | $63,629 |
| Year 13 | $17,297 | $5,059 | $12,238 | — | $171,312 | $68,688 |
| Year 14 | $17,297 | $5,426 | $11,871 | — | $165,886 | $74,114 |
| Year 15 | $17,297 | $5,820 | $11,477 | — | $160,066 | $79,934 |
| Year 16 | $17,297 | $6,243 | $11,054 | — | $153,823 | $86,177 |
| Year 17 | $17,297 | $6,696 | $10,601 | — | $147,126 | $92,874 |
| Year 18 | $17,297 | $7,182 | $10,115 | — | $139,944 | $100,056 |
| Year 19 | $17,297 | $7,704 | $9,593 | — | $132,240 | $107,760 |
| Year 20 | $17,297 | $8,263 | $9,034 | — | $123,977 | $116,023 |
| Year 21 | $17,297 | $8,863 | $8,434 | — | $115,113 | $124,887 |
| Year 22 | $17,297 | $9,507 | $7,790 | — | $105,607 | $134,393 |
| Year 23 | $17,297 | $10,197 | $7,100 | — | $95,409 | $144,591 |
| Year 24 | $17,297 | $10,938 | $6,359 | — | $84,472 | $155,528 |
| Year 25 | $17,297 | $11,732 | $5,565 | — | $72,740 | $167,260 |
| Year 26 | $17,297 | $12,584 | $4,713 | — | $60,156 | $179,844 |
| Year 27 | $17,297 | $13,497 | $3,800 | — | $46,659 | $193,341 |
| Year 28 | $17,297 | $14,477 | $2,820 | — | $32,182 | $207,818 |
| Year 29 | $17,297 | $15,529 | $1,768 | — | $16,653 | $223,347 |
| Year 30 | $17,294 | $16,653 | $641 | — | $0 | $240,000 |
Conventional Loan numbers for Iowa
- Typical Iowa home value
- $240,000
- 10% down ($24,000) · Zillow, August 31, 2026
- Loan amount
- $216,000
- conforming in all 99 Iowa counties
- Estimated monthly payment
- $2,079
- APR 7.488%
- Iowa property tax
- 1.33%
- $266/mo
- Homeowners insurance
- $2,902/yr
- $242/mo
- Iowa conforming limit
- $832,750
- Above this, the loan is jumbo
- PMI
- 0.72% · $130/mo
- Drops off after 9 years
How much house can you afford in Iowa with a conventional loan?
Highest price where principal, interest, Iowa property tax, insurance and PMI stay within 28% of gross income —10% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $120,000 | $12,000 | 50% |
| $75,000 | $1,750 | $197,000 | $19,700 | 82% |
| $100,000 | $2,333 | $273,000 | $27,300 | 114% |
| $125,000 | $2,917 | $349,000 | $34,900 | 146% |
| $150,000 | $3,500 | $425,000 | $42,500 | 177% |
| $200,000 | $4,667 | $578,000 | $57,800 | 241% |
| $250,000 | $5,833 | $730,000 | $73,000 | 305% |
Conventional vs other loan types in Iowa
$240,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $24,000 | $216,000 | — | $130 PMI | $2,079 | 7.488% |
| FHA | 3.5% · $8,400 | $235,653 | UFMIP $4,053 | $108 MIP | $2,188 | 7.761% |
| VA | 0% · $0 | $245,160 | Funding fee $5,160 | $0 | $2,144 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $48,000 | $192,000 | — | $0 | $1,789 | 7.030% |
Frequently asked questions
What is the monthly payment on a $240,000 home with a conventional loan in Iowa?
Estimated $2,079 per month ($1,441 principal & interest, $266 property tax, $242 insurance, $130 PMI) at 7.03% for 30 years, with 10% down. APR 7.488%.
How much is PMI on a Iowa conventional loan?
At 90% loan-to-value, PMI is estimated at 0.72% a year ($130/mo). It can be removed once the balance reaches 80% of the home's original value.
Explore related calculators
Conventional Loan calculator in nearby states
- Conventional Loan calculator — Illinois ($2,638/mo)
- Conventional Loan calculator — Minnesota ($2,818/mo)
- Conventional Loan calculator — Missouri ($2,285/mo)
- Conventional Loan calculator — Nebraska ($2,556/mo)
- Conventional Loan calculator — South Dakota ($2,689/mo)
- Conventional Loan calculator — Wisconsin ($2,751/mo)
Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- CFPB — What is private mortgage insurance?
- Homeowners Protection Act (PMI cancellation at 78–80% LTV)
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.