Mortgage Calculator: How Much You Need To Buy a Home in Iowa at a Rate of 6.91%

The average rate on a 30-year mortgage has risen to 6.91%. In Iowa, the median home price is $278,850, requiring a 20% down payment of $55,770, resulting in a monthly payment of $1,471. With a 10% down payment, the upfront cost is $27,885, leading to a monthly payment of $1,655. These payments exclude taxes and insurance. Despite the recent rate increase, current payments are lower than the peak of 7.79% in October 2023. Pre-approval for a mortgage is recommended to understand affordability and budget.