Wisconsin Mortgage Calculator
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Does America's Dairyland call you? If so, this might be the year to go house hunting in Wisconsin. There are still a lot of great values to be had in this state, but you'll want to know exactly what's in store before you make the move. That's why we've designed this Wisconsin mortgage calculator. Add numbers for mortgage, interest, and more to find out how much your new Wisconsin home might cost you.
Does America's Dairyland call you? If so, this might be the year to go house hunting in Wisconsin. There are still a lot of great values to be had in this state, but you'll want to know exactly what's in store before you make the move. That's why we've designed this Wisconsin mortgage calculator. Add numbers for mortgage, interest, and more to find out how much your new Wisconsin home might cost you.
Wisconsin is a market where you can buy an affordable home in a neighborhood you'll love, with the median home sales price remaining about 37% below the national median home sales price. The state does still experience some pretty dramatic seasonal lows, so if you really want a bargain, wait until the snow starts to fly to buy.
As in many areas of the country, short housing inventory continues to be a serious problem for home buyers in Wisconsin. The last time the state had more than three months of supply was in February 2020. Supply dipped below two months in December 2021, and has been pretty steadily hovering between two and three months ever since.
Competition is going to be fierce if you're looking for a home in most parts of Wisconsin, so before you step out the door to look at your first home, contact mortgage lenders about the best mortgage rates available. If you get pre-approved, you can be ready should the right house present itself.
Here's a quick snapshot of some of the most important Wisconsin markets and how things are doing there.
| Metropolitan Area | Median Home Sales Price | 1-Year Change |
|---|---|---|
| Green Bay | $250,000 | 13.6% |
| Kenosha | $237,000 | 1.5% |
| Madison | $425,000 | 7.8% |
| Milwaukee | $219,900 | 17.3% |
| Racine | $204,000 | 23.6% |
Most of the time, it's not necessary to calculate your mortgage payment by hand, that's why we made this handy mortgage calculator. But, if you're interested in seeing how it all works behind the scenes, this is the basic formula:
Mortgage payments go beyond this calculation, though. This formula is just for your principal and interest. Other additions to your payment, like escrow account contributions for taxes, homeowners insurance, or homeowners association dues, will be on top of that. In addition, you may also need to pay for private mortgage insurance if your loan is conventional, or mortgage insurance premiums if you have an FHA loan.
To calculate your new mortgage with these additional expenses included, just click "show additional inputs" on the mortgage calculator above and add your estimated figures. It will get you a very close estimate of what to expect for monthly costs.
Wisconsin homes are still inexpensive compared to the national market, but your taxes will help make up that difference quickly. Wisconsin is ranked 4th in the nation for property taxes as a percentage of property value, at 1.76% of your home's assessed fair market value. That means that if your home is assessed at $170,800, you'll pay $3,007 each year in taxes.
Significant warming due to climate change is affecting many parts of Wisconsin, leading to more and heavier rainfall, and flooding. Winters, however, are becoming shorter, which is a mixed bag for Wisconsin, since it will make living in the state more comfortable for humans, but may be devastating to wildlife, especially fish in the Great Lakes.
For most of Wisconsin, a basic homeowners insurance policy should be sufficient, but in areas close to waterways or in low-lying areas, flooding may become a serious hazard, so investing in flood insurance may well be worthwhile. Ask your insurance agent what's appropriate, even if it's not required. You can also plug that number into the Wisconsin mortgage calculator to help give you a better estimate of your overall payment.
Wisconsin Housing and Economic Development Authority (WHEDA) offers two down payment and closing costs assistance programs, the WHEDA Easy Close DPA and the WHEDA Capital Access DPA.
The Easy Close Down Payment Assistance program is a 10-year fixed rate second mortgage that requires a monthly payment. But you can borrow up to 6% of your home's purchase price at the same rate as the home's primary mortgage and use it toward your down payment or closing costs. Income limits will apply, based on your location and household size.
For households with significant need, the Capital Access Down Payment Assistance program can provide up to $7,500 as a second mortgage at 0% with no payment requirement. Instead, the loan will be due when you sell your home, refinance it, or pay off your primary mortgage. As with the Easy Close DPA, you'll need to income qualify, but the requirements are much more strict.
Even if you aren't eligible for a first-time home buyer program in Wisconsin, you can still apply for other loans with appealing terms for first timers, like FHA loans or conventional loans. Both have low down payment requirements, making them easier to secure, and can be used on a vast array of homes. In more rural parts of Wisconsin, a USDA loan may also be a great choice.
But before you can qualify for any of these, you need to make yourself into the best borrower possible. This means maintaining continuous employment for at least two years at the same job, paying all your creditors on time, paying down debt to improve your debt-to-income ratio, and putting your down payment money in a separate account and leaving it there so it can be seasoned.
Above all else, don't take out any new credit, incur additional debt, or miss any payments between the time of your pre-approval and when you actually close on your home. There are lots of expenses related to owning a home, and you'll have time to deal with them once you actually have the keys in your hand. Too many changes to your borrower profile can result in your loan being denied when the underwriter checks you out right before closing.
Wisconsin offers first time home buyers up to $7,500 or 6% of their homes purchase price as down payment assistance, if you qualify, this may be plenty to get into your home. But even if you don't, you may be eligible for a zero down payment mortgage through the VA or USDA. In addition, conventional mortgages typically only require 3% down, and FHA mortgages just 3.5%.
Closing costs in Wisconsin average about $3,459, or approximately 1.5% of your home's sales price. This is in the middle for homes in the United States.
Due to the lack of serious hazards in Wisconsin, homeowners insurance on a $300,000 home there is 36% below the national average, at just $1,662 per year.
Wisconsin is 4th in the United States when it comes to property tax as a percentage of assessed property value. The rate there averages 1.76%. It's also very high as a percentage of income in the state, 8th in the U.S. at 4.81%.
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Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.
