Mortgage Calculator & Closing Costs: Burlington, IA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Burlington, Iowa.
Median Home Price
$125K
Population
24K
Avg Monthly Rent
$680
Property Tax Rate
1.52% *
* Property tax shown is the Iowa state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Burlington.
Burlington vs Iowa Median
The median home price in Burlington is $125,000, which is 40% below the Iowa state median of $210,000.
Mortgage Calculator — Burlington, IA
Pre-filled with Burlington median home price and Iowa tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $125K home using Iowa's 1.52% tax rate and $1,800/yr insurance.
5% Down
$1,128/mo
Down: $6,250
Loan: $119K
P&I: $751
Tax: $158
Insurance: $150
PMI: $69
10% Down
$1,085/mo
Down: $12,500
Loan: $113K
P&I: $711
Tax: $158
Insurance: $150
PMI: $66
20% Down (No PMI)
$940/mo
Down: $25,000
Loan: $100K
P&I: $632
Tax: $158
Insurance: $150
Income needed (28% rule): $40K/year with 20% down, $47K/year with 10% down.
Rent vs Buy in Burlington
Rent
$680/mo
vs
Buy (10% down)
$1,085/mo
Price-to-rent ratio: 15.3 — A ratio between 15-20 means the rent vs buy decision in Burlington depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Burlington is $125,000, 40% below the Iowa state median of $210,000. With a population of 24,321, Burlington is a smaller market where home prices tend to be more accessible than in many parts of Iowa.
Property taxes in Iowa average 1.52% annually. This higher-than-average tax rate means a $125,000 home in Burlington would carry roughly $158/month in property taxes alone — plan accordingly. Homeowners insurance in Iowa runs approximately $1,800 per year. This is within the normal range nationally.
Average rent in Burlington is $680/month. The price-to-rent ratio in Burlington is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Burlington offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Iowa's IFA FirstHome program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Burlington.