VA Loan Calculator — Iowa
An eligible VA borrower can buy the typical Iowa home ($240,000) with no down payment. The 2.15% first-use funding fee ($5,160) is rolled into a $245,160 loan, and there is no monthly mortgage insurance — saving about $108 a month versus FHA MIP on the same home.
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
$2,144
Principal & Interest + Taxes + Insurance · no mortgage insurance
APR 7.242%
Total Interest
$343,798
Total Cost
$771,777
Advanced Parameters
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
N/A
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $19,632 | $2,476 | $17,156 | — | $242,684 | -$2,684 |
| Year 2 | $19,632 | $2,656 | $16,976 | — | $240,028 | -$28 |
| Year 3 | $19,632 | $2,849 | $16,783 | — | $237,180 | $2,820 |
| Year 4 | $19,632 | $3,055 | $16,577 | — | $234,124 | $5,876 |
| Year 5 | $19,632 | $3,277 | $16,355 | — | $230,847 | $9,153 |
| Year 6 | $19,632 | $3,515 | $16,117 | — | $227,331 | $12,669 |
| Year 7 | $19,632 | $3,771 | $15,861 | — | $223,561 | $16,439 |
| Year 8 | $19,632 | $4,044 | $15,588 | — | $219,517 | $20,484 |
| Year 9 | $19,632 | $4,338 | $15,294 | — | $215,179 | $24,821 |
| Year 10 | $19,632 | $4,653 | $14,979 | — | $210,526 | $29,474 |
| Year 11 | $19,632 | $4,991 | $14,641 | — | $205,535 | $34,465 |
| Year 12 | $19,632 | $5,353 | $14,279 | — | $200,182 | $39,818 |
| Year 13 | $19,632 | $5,742 | $13,890 | — | $194,440 | $45,560 |
| Year 14 | $19,632 | $6,159 | $13,473 | — | $188,281 | $51,719 |
| Year 15 | $19,632 | $6,606 | $13,026 | — | $181,675 | $58,325 |
| Year 16 | $19,632 | $7,086 | $12,546 | — | $174,589 | $65,411 |
| Year 17 | $19,632 | $7,600 | $12,032 | — | $166,989 | $73,011 |
| Year 18 | $19,632 | $8,152 | $11,480 | — | $158,837 | $81,163 |
| Year 19 | $19,632 | $8,744 | $10,888 | — | $150,093 | $89,907 |
| Year 20 | $19,632 | $9,379 | $10,253 | — | $140,714 | $99,286 |
| Year 21 | $19,632 | $10,060 | $9,572 | — | $130,654 | $109,346 |
| Year 22 | $19,632 | $10,790 | $8,842 | — | $119,864 | $120,136 |
| Year 23 | $19,632 | $11,574 | $8,058 | — | $108,290 | $131,710 |
| Year 24 | $19,632 | $12,414 | $7,218 | — | $95,876 | $144,124 |
| Year 25 | $19,632 | $13,316 | $6,316 | — | $82,561 | $157,439 |
| Year 26 | $19,632 | $14,282 | $5,350 | — | $68,278 | $171,722 |
| Year 27 | $19,632 | $15,319 | $4,313 | — | $52,959 | $187,041 |
| Year 28 | $19,632 | $16,432 | $3,200 | — | $36,527 | $203,473 |
| Year 29 | $19,632 | $17,625 | $2,007 | — | $18,902 | $221,098 |
| Year 30 | $19,630 | $18,902 | $727 | — | $0 | $240,000 |
VA Loan numbers for Iowa
- Typical Iowa home value
- $240,000
- 0% down ($0) · Zillow, August 31, 2026
- Loan amount
- $245,160
- Includes $5,160 financed funding fee
- Estimated monthly payment
- $2,144
- APR 7.242%
- Iowa property tax
- 1.33%
- $266/mo
- Homeowners insurance
- $2,902/yr
- $242/mo
- VA funding fee (first use)
- 2.15% · $5,160
- Financed; exempt with VA disability compensation
- Monthly savings vs FHA MIP
- $108/mo
- Same $240,000 home, FHA at 3.5% down
How much house can you afford in Iowa with a va loan?
Highest price where principal, interest, Iowa property tax and insurance, with the 2.15% VA funding fee financed and no monthly mortgage insurance stay within 28% of gross income —0% 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 | $116,000 | $0 | 48% |
| $75,000 | $1,750 | $190,000 | $0 | 79% |
| $100,000 | $2,333 | $263,000 | $0 | 110% |
| $125,000 | $2,917 | $337,000 | $0 | 141% |
| $150,000 | $3,500 | $411,000 | $0 | 172% |
| $200,000 | $4,667 | $558,000 | $0 | 233% |
| $250,000 | $5,833 | $705,000 | $0 | 294% |
VA 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 va loan in Iowa?
Estimated $2,144 per month ($1,636 principal & interest, $266 property tax, $242 insurance) at 7.03% for 30 years, with 0% down. APR 7.242%.
How much is the VA funding fee on a $240,000 Iowa home?
$5,160 (2.15%) for a first-time user with no down payment. Putting 5% down lowers it to 1.5%, and 10% down to 1.25%.
Explore related calculators
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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
- 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
- VA — Funding fee and closing costs
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.