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A Des Moines, Iowa, mortgage calculator helps prospective homebuyers estimate monthly payments, total interest, and the overall cost of a mortgage, making it easier to navigate the financial aspects of homeownership. By inputting key details such as the home price, down payment, loan term, and interest rate, you can get a clearer picture of your financial obligations and make informed decisions about your home purchase.
Key Points
• A Des Moines mortgage calculator helps estimate monthly payments, total interest, and overall loan costs, providing helpful insights for local homebuyers.
• The calculator allows you to see how different down payment amounts, interest rates, and loan terms affect your monthly payment.
• Your credit score plays a vital role in securing a lower interest rate. Those with higher credit scores typically receive the lowest interest rates.
• The loan term, typically 15 or 30 years, significantly impacts monthly payments and total interest paid, with shorter terms leading to higher payments but less interest.
• Down payment assistance programs in Des Moines can offer grants, tax credits, or loans to make the down payment more manageable, especially for first-time homebuyers.
Des Moines Mortgage Calculator
Calculator Definitions
• Home price: The home loan amount is directly influenced by the home price, which is the purchase price you have agreed to with the home seller. This price may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%.
• Loan term: The loan term is the length of time you have to repay the mortgage. A shorter term can result in higher monthly payments but less interest paid over the life of the loan. Common terms are 15 years and 30 years.
• Interest rate: The interest rate represents the cost of borrowing money, typically expressed as a percentage of the total loan amount. A lower interest rate leads to lower monthly payments and total interest paid.
• Annual property tax: The annual property tax directly impacts your total monthly mortgage payment. In Des Moines, the property tax rate is typically around 1.76% of the home’s assessed value.
• Total monthly payment: The total monthly payment includes the principal amount borrowed, the interest charged on the loan, and property taxes. It also may include homeowners insurance, private mortgage insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will be responsible for paying over the entire life of the loan. This amount is influenced by both the interest rate and the loan term.
• Total loan cost: The total loan cost represents the all-in amount you will ultimately repay for the loan, encompassing both the principal amount borrowed and the accumulated interest. A longer loan term will generally result in a higher total loan cost due to the additional interest paid over the extended period.
How to Use the Des Moines, IA Mortgage Calculator
To use the Des Moines mortgage calculator, follow these steps:
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. This figure might differ from the listing price and your initial bid. The purchase price will directly impact your home loan and monthly payment.
Step 2: Select a Down Payment Amount
The down payment is the portion you pay upfront for the home. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI). A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The Polk County (Des Moines) property tax rate is 1.76% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers estimate affordability by calculating monthly payments based on loan amount, interest rate, and term. It facilitates cost comparisons, showing how interest rates and loan terms affect monthly payments.
Understanding down payments can help avoid PMI. A larger down payment (20% or more) both reduces your monthly mortgage payments and eliminates the need for PMI.
Mortgage calculators are also particularly useful for first-time homebuyers who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Deciding How Much House You Can Afford in Des Moines
In Des Moines, the median home sale price in 2025 was $219,000. Lenders suggest that housing costs should not exceed 28% of your gross monthly income. To afford a $219,000 home, you would need an annual income of approximately $50,000, assuming a 20% down payment of $43,800, and a 30-year mortgage at 7.00%. The estimated monthly mortgage payment would be $1,166.
Additionally, your total debt payments should stay within 36% of your gross income, allowing about $330 for other debts. Larger down payments can reduce the mortgage amount, and securing a lower interest rate can increase your chances of mortgage approval. Mortgage preapproval can help you determine your qualification and strengthen your position as a buyer.
To make a well-informed decision, consider your budget, income, and financial goals. Use a home affordability calculator for a rough estimate based on income and debt obligations.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment are the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
This calculator also factors in property taxes, which may be part of your monthly payment. In Des Moines, the baseline property tax rate is around 1.76% of the home’s assessed value. Other components of a mortgage payment may include:
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Des Moines, IA
Cost of living greatly impacts affordability. Des Moines’s cost of living is below (about 14%) the national average. Housing falls much below the national average, close to 35%.
The national average cost of living is benchmarked at 100. In Des Moines, the overall cost of living index is 85.8. Here’s how Des Moines compares to the national average in other areas:
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Des Moines’s First-Time Homebuyer Assistance Programs
If you’re buying your first home in Des Moines, there are several Iowa down payment assistance programs available to help you cover the initial costs. These programs often provide grants, tax credits, or low-interest loans to assist with down payments and closing costs. To qualify, you typically must not have owned a primary residence within the past three years.
There are several strategies you can explore to reduce your mortgage payment. Here are some options to consider:
• Drop private mortgage insurance (PMI) once you reach 20% equity in your home. This can be achieved through regular payments or home appreciation, significantly lowering your monthly mortgage payment.
• Consider mortgage recasting if you receive a bonus or other windfall. By making a lump sum payment toward your mortgage principal, your lender will re-amortize the loan, resulting in a new, smaller balance and lower monthly payments.
• Modify your loan if facing financial hardships. This might involve extending the loan term, reducing the interest rate, or lowering the principal, making monthly payments more manageable.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. You can explore options such as increasing your deductible amount, bundling multiple insurance policies, or making specific home improvements to reduce your insurance premium and lower your total monthly payment.
The Takeaway
A Des Moines mortgage calculator is a powerful tool for prospective homebuyers, helping you estimate monthly payments, total interest, and overall loan costs. Whether you’re exploring different down payment scenarios, considering a longer loan term, or looking to refinance your mortgage, a mortgage calculator can provide the insights you need to make informed financial decisions.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The average mortgage payment in Des Moines was $1,730 in 2025. But payments for the same priced home vary based on several factors, including the home price, the down payment size, and prevailing interest rates. A mortgage calculator can be a helpful tool to determine the typical monthly payment for homes in the area you’re considering.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a large role in determining your interest rate for a mortgage loan. A higher credit score can secure a lower interest rate, reducing your monthly payments and the total interest you pay over the life of the loan. Conversely, a lower credit score may result in a higher interest rate. You can build your credit score prior to applying for a mortgage by paying all of your bills on time, keeping your credit utilization ratio low, and disputing any errors on your credit report.
What are principal and interest on a mortgage loan?
The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. Different types of mortgage loans have varying interest rates and terms, which can affect how much of your monthly payment goes toward each component.
How much should I put down on a mortgage?
The amount you should put down on a mortgage depends on your financial situation and the type of mortgage loan you choose. A larger down payment can reduce your monthly payments and the total interest you pay over the life of the loan, and possibly reduce your need for private mortgage insurance. Most buyers put down between 3% and 20% of the purchase price of the home.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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