Can I Afford a $100K Home in Iowa?
Complete mortgage breakdown for a $100,000 home in Iowa, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$798/mo
P&I: $526 + Tax: $131 + Insurance: $142
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $950 | $40,720 |
| 5% | $5,000 | $936 | $40,121 |
| 10% | $10,000 | $901 | $38,624 |
| 20% | $20,000 | $798 | $34,202 |
Monthly Cost Breakdown (Iowa)
Principal & Interest
$526/mo
Property Tax (1.57%)
$131/mo
Homeowners Insurance
$142/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$34,202/yr
Minimum gross income
36% Rule (All Debt)
$26,601/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Iowa
A $100,000 home in Iowa is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $798 is achievable on a salary of $34,202 or more. Iowa's property tax rate of 1.57% is above average, which adds significantly to monthly costs.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Iowa.