Iowa First-Time Homebuyer Calculator
First-time homebuyer costs in Iowa: $7,175 FHA down payment, $5,740 closing costs, 1.57% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Iowa. Includes down payment, closing costs (2.8%), PMI (required below 20% down), property tax (1.57%), and homeowners insurance ($2,020/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Iowa homebuyer facts: Median price $205,000 | 20% down = $41,000 | FHA 3.5% down = $7,175 | Closing costs ~$5,740 | Property tax 1.57% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Iowa?
For Iowa's median home ($205,000): FHA minimum down payment is $7,175 (3.5%), plus $5,740 in closing costs. Total minimum: ~$12,915. With 20% down to avoid PMI: ~$46,740.
What are closing costs in Iowa?
Iowa closing costs average 2.8% of the home price, or about $5,740 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.16%.
Related Calculators
More First-Time Homebuyer Calculators
More Calculators for Iowa
Explore related financial tools with Iowa data