Mortgage Calculator & Closing Costs: Iowa City, IA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Iowa City, Iowa.
Median Home Price
$275K
Population
75K
Avg Monthly Rent
$1,180
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 Iowa City.
Iowa City vs Iowa Median
The median home price in Iowa City is $275,000, which is 31% above the Iowa state median of $210,000.
Mortgage Calculator — Iowa City, IA
Pre-filled with Iowa City median home price and Iowa tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Iowa's 1.52% tax rate and $1,800/yr insurance.
5% Down
$2,302/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $348
Insurance: $150
PMI: $152
10% Down
$2,207/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $348
Insurance: $150
PMI: $144
20% Down (No PMI)
$1,889/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $348
Insurance: $150
Income needed (28% rule): $81K/year with 20% down, $95K/year with 10% down.
Rent vs Buy in Iowa City
Rent
$1,180/mo
vs
Buy (10% down)
$2,207/mo
Price-to-rent ratio: 19.4 — A ratio between 15-20 means the rent vs buy decision in Iowa City 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 Iowa City is $275,000, 31% above the Iowa state median of $210,000. With a population of 74,828, Iowa City is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Iowa average 1.52% annually. This higher-than-average tax rate means a $275,000 home in Iowa City would carry roughly $348/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 Iowa City is $1,180/month. The price-to-rent ratio in Iowa City is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Iowa City presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Iowa City.