In this paper, a 16 times 16 low-power low-area asynchronous iterative multiplier is proposed. The multiplier diminishes 2 bits at a time with an iterative structure, to filter out the useless switching activities, we employ a finishing detector to dynamically detect the end of the computation and stop iteration ahead of schedule. Additionally, with the employment of finishing detectors, the proposed multiplier could provide a much faster average speed than synchronous approach. Post-layout simulation results show that the asynchronous multiplier offers up to 74% power reduction compared with the synchronous design. Simultaneously, the proposed design also exhibits a prominent area reduction compared with other non-iterative multiplier benefited from the iterative architecture.