Quick answer
The median home in Des Moines costs $245K. With 20% down ($49K) at 7% for 30 years, the monthly payment is $1,304/month. Total interest paid over 30 years: $273,437.
Calculator · IA · 2026
Mortgage Calculator for Des Moines, IA (2026)
Pre-filled with Des Moines's median home price of $245K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Des Moines Mortgage Payment Scenarios
Median home price: $245K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $12,250 | $232,750 | $1,548 | $2,092 | $324,707 |
| 10% | $24,500 | $220,500 | $1,467 | $1,982 | $307,617 |
| 20% | $49,000 | $196,000 | $1,304 | $1,762 | $273,437 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Des Moines
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $245K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$245K home · 20% down ($196K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Des Moines?
The median home price in Des Moines is $245K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,304. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,549.
Is it cheaper to rent or buy in Des Moines?
A 2-bedroom rental in Des Moines averages $1,350/month. Buying the median $245K home with 20% down costs approximately $1,549/month (mortgage + taxes + insurance) — $199 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Des Moines?
Using the 28% housing rule, you need at least $56K–66K in annual gross income to comfortably afford the median $245K home in Des Moines with 20% down. You also need $49K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Des Moines?
IA has a state income tax rate of 4.82%. Property taxes vary by county but on a $245K home, expect $204–$408/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.