Mortgage Calculator & Closing Costs: Mason City, IA
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Mason City, Iowa.
Median Home Price
$145K
Population
27K
Avg Monthly Rent
$720
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 Mason City.
Mason City vs Iowa Median
The median home price in Mason City is $145,000, which is 31% below the Iowa state median of $210,000.
Mortgage Calculator — Mason City, IA
Pre-filled with Mason City median home price and Iowa tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $145K home using Iowa's 1.52% tax rate and $1,800/yr insurance.
5% Down
$1,285/mo
Down: $7,250
Loan: $138K
P&I: $871
Tax: $184
Insurance: $150
PMI: $80
10% Down
$1,235/mo
Down: $14,500
Loan: $131K
P&I: $825
Tax: $184
Insurance: $150
PMI: $76
20% Down (No PMI)
$1,067/mo
Down: $29,000
Loan: $116K
P&I: $733
Tax: $184
Insurance: $150
Income needed (28% rule): $46K/year with 20% down, $53K/year with 10% down.
Rent vs Buy in Mason City
Rent
$720/mo
vs
Buy (10% down)
$1,235/mo
Price-to-rent ratio: 16.8 — A ratio between 15-20 means the rent vs buy decision in Mason 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 Mason City is $145,000, 31% below the Iowa state median of $210,000. With a population of 27,072, Mason City 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 $145,000 home in Mason City would carry roughly $184/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 Mason City is $720/month. The price-to-rent ratio in Mason City is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Mason City 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 Mason City.