FHA Loan Calculator — Iowa
On the typical Iowa home ($240,000), 3.5% down leaves a $231,600 base loan. The 1.75% upfront premium ($4,053) is financed, for a $235,653 loan, and annual MIP of 0.55% adds $108 a month for the life of the loan. Iowa FHA limits run $541,287–$832,750 by county.
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
$2,188
Principal & Interest + Taxes + Insurance
APR 7.761%
Total Interest
$330,464
Total Cost
$774,789
Advanced Parameters
FHA Mortgage Insurance Premium (MIP)
Annual MIP of 0.55% is billed monthly on the average balance of each loan year. With less than 10% down it lasts for the life of the loan; with 10% or more down it ends after 11 years. A 1.75% upfront premium is also added to the loan.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Full term
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | MIP | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $18,871 | $2,380 | $16,491 | $1,290 | $233,273 | $6,727 |
| Year 2 | $18,871 | $2,553 | $16,318 | $1,277 | $230,720 | $9,280 |
| Year 3 | $18,871 | $2,738 | $16,133 | $1,262 | $227,982 | $12,018 |
| Year 4 | $18,871 | $2,937 | $15,934 | $1,247 | $225,045 | $14,955 |
| Year 5 | $18,871 | $3,150 | $15,720 | $1,230 | $221,895 | $18,105 |
| Year 6 | $18,871 | $3,379 | $15,492 | $1,212 | $218,516 | $21,484 |
| Year 7 | $18,871 | $3,624 | $15,246 | $1,193 | $214,891 | $25,109 |
| Year 8 | $18,871 | $3,888 | $14,983 | $1,172 | $211,004 | $28,996 |
| Year 9 | $18,871 | $4,170 | $14,701 | $1,150 | $206,834 | $33,166 |
| Year 10 | $18,871 | $4,473 | $14,398 | $1,126 | $202,361 | $37,639 |
| Year 11 | $18,871 | $4,797 | $14,073 | $1,101 | $197,564 | $42,436 |
| Year 12 | $18,871 | $5,146 | $13,725 | $1,074 | $192,418 | $47,582 |
| Year 13 | $18,871 | $5,519 | $13,351 | $1,045 | $186,899 | $53,101 |
| Year 14 | $18,871 | $5,920 | $12,951 | $1,013 | $180,979 | $59,021 |
| Year 15 | $18,871 | $6,350 | $12,521 | $980 | $174,629 | $65,371 |
| Year 16 | $18,871 | $6,811 | $12,060 | $944 | $167,818 | $72,182 |
| Year 17 | $18,871 | $7,306 | $11,565 | $905 | $160,512 | $79,488 |
| Year 18 | $18,871 | $7,836 | $11,035 | $863 | $152,676 | $87,324 |
| Year 19 | $18,871 | $8,405 | $10,466 | $819 | $144,271 | $95,729 |
| Year 20 | $18,871 | $9,015 | $9,855 | $771 | $135,256 | $104,744 |
| Year 21 | $18,871 | $9,670 | $9,201 | $720 | $125,586 | $114,414 |
| Year 22 | $18,871 | $10,372 | $8,499 | $665 | $115,214 | $124,786 |
| Year 23 | $18,871 | $11,125 | $7,746 | $606 | $104,089 | $135,911 |
| Year 24 | $18,871 | $11,933 | $6,938 | $543 | $92,156 | $147,844 |
| Year 25 | $18,871 | $12,799 | $6,071 | $475 | $79,357 | $160,643 |
| Year 26 | $18,871 | $13,729 | $5,142 | $402 | $65,628 | $174,372 |
| Year 27 | $18,871 | $14,725 | $4,145 | $324 | $50,903 | $189,097 |
| Year 28 | $18,871 | $15,795 | $3,076 | $241 | $35,108 | $204,892 |
| Year 29 | $18,871 | $16,942 | $1,929 | $151 | $18,167 | $221,833 |
| Year 30 | $18,866 | $18,167 | $699 | $55 | $0 | $240,000 |
FHA Loan numbers for Iowa
- Typical Iowa home value
- $240,000
- 3.5% down ($8,400) · Zillow, August 31, 2026
- Loan amount
- $235,653
- Includes $4,053 financed UFMIP
- Estimated monthly payment
- $2,188
- APR 7.761%
- Iowa property tax
- 1.33%
- $266/mo
- Homeowners insurance
- $2,902/yr
- $242/mo
- Upfront MIP (1.75%)
- $4,053
- Financed into the loan
- Annual MIP
- 0.55%
- $108/mo in year 1 · life of loan
- Iowa FHA loan limit
- $541,287 – $832,750
- One-unit, by county
How much house can you afford in Iowa with an fha loan?
Highest price where principal, interest, Iowa property tax, insurance and FHA mortgage insurance (1.75% upfront premium financed, 0.55% annual MIP) stay within 28% of gross income —3.5% 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 |
|---|---|---|---|---|
| $40,000 | $933 | $85,000 | $2,975 | 35% |
| $50,000 | $1,167 | $114,000 | $3,990 | 48% |
| $60,000 | $1,400 | $142,000 | $4,970 | 59% |
| $75,000 | $1,750 | $185,000 | $6,475 | 77% |
| $100,000 | $2,333 | $257,000 | $8,995 | 107% |
| $125,000 | $2,917 | $329,000 | $11,515 | 137% |
| $150,000 | $3,500 | $401,000 | $14,035 | 167% |
FHA 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 an fha loan in Iowa?
Estimated $2,188 per month ($1,573 principal & interest, $266 property tax, $242 insurance, $108 FHA mortgage insurance) at 7.03% for 30 years, with 3.5% down. APR 7.761%.
What is the FHA loan limit in Iowa for 2026?
Between $541,287 and $832,750 depending on the county for a one-unit home. $541,287 is the national FHA floor; counties with higher home prices get higher limits. Check your exact county on HUD's FHA mortgage limits lookup.
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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
- HUD FHA Mortgage Limits lookup — FHA floor $541,287; high-cost counties follow the conforming limit — confirm on HUD
- 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
- HUD Mortgagee Letter 2023-05 (annual MIP schedule)
- HUD — FHA single family housing policy handbook 4000.1
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.