Wisconsin Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of Wisconsin and the rest of the United States. On this page we offer a convenient Wisconsin home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in Wisconsin.
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| Monthly payment | $0 |
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Best mortgage lenders in Wisconsin
The most popular mortgage lenders in Wisconsin operate nationwide. These include such recognizable names as Gateway Capital Mortgage, Pentagon Federal Credit Union, NBKC Bank.
How to calculate mortgage payment in Wisconsin
Explore our quick and user-friendly mortgage calculator to assess your prospective monthly costs. Detailed, easy-to-follow instructions are provided below for your convenience.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator Wisconsin for thorough planning of your future spendings. Let's delve into each field in order to gain a better understanding of the mortgage in Wisconsin parameters.
The first essential factor is the home price, representing the amount you intend to invest in your upcoming property. A down payment signifies the initial portion of this price that must be paid upfront. To avoid costly insurance, it is crucial to provide at least a 20% down payment, particularly with conventional loans. The remaining portion constitutes the principal, which equals 80% of the home price when a 20% down payment is applied.
The loan term denotes the duration required for complete mortgage repayment through scheduled payments. Fixed-rate conforming loans are typically limited to a maximum term of 30 years, whereas adjustable-rate options usually come with shorter terms.
An interest rate represents a fixed or variable fraction of the principal that you are obligated to pay over the course of the loan. It is important to note that you are actually assessed an annual percentage rate (APR), which is not precisely the same as the interest rate. While the interest rate forms the bulk of the APR, the latter also incorporates various fees, such as origination fees, closing costs, and insurance payments.
For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in Wisconsin, given a $400,000 home price and a 10% down payment.
Median property taxes in Wisconsin counties
The property tax is another important thing to consider when selecting your future house. Many lenders insist on setting up a mortgage escrow account to ensure the borrower’s keeping up with the tax and insurance costs.
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Adams County | $1,974 | $127,800 |
| Ashland County | $1,764 | $107,400 |
| Barron County | $2,242 | $145,500 |
| Bayfield County | $1,896 | $163,400 |
| Brown County | $2,900 | $173,400 |
| Buffalo County | $2,047 | $150,400 |
| Burnett County | $1,870 | $150,800 |
| Calumet County | $2,902 | $168,400 |
| Chippewa County | $2,123 | $154,900 |
| Clark County | $1,928 | $117,400 |
| Columbia County | $2,988 | $180,100 |
| Crawford County | $2,244 | $127,000 |
| Dane County | $4,149 | $263,300 |
| Dodge County | $2,884 | $164,700 |
| Door County | $2,357 | $204,700 |
| Douglas County | $2,076 | $140,400 |
| Dunn County | $2,823 | $156,700 |
| Eau Claire County | $2,616 | $170,400 |
| Florence County | $1,682 | $132,600 |
| Fond du Lac County | $2,624 | $152,100 |
| Forest County | $1,712 | $131,400 |
| Grant County | $2,051 | $137,200 |
| Green County | $2,976 | $163,600 |
| Green Lake County | $2,311 | $139,300 |
| Iowa County | $2,925 | $171,700 |
| Iron County | $1,520 | $107,200 |
| Jackson County | $1,962 | $129,400 |
| Jefferson County | $3,099 | $191,400 |
| Juneau County | $2,020 | $120,100 |
| Kenosha County | $3,520 | $174,500 |
| Kewaunee County | $2,361 | $155,900 |
| La Crosse County | $2,912 | $172,600 |
| Lafayette County | $2,331 | $126,600 |
| Langlade County | $1,791 | $106,200 |
| Lincoln County | $2,154 | $135,500 |
| Manitowoc County | $2,351 | $123,100 |
| Marathon County | $2,602 | $148,400 |
| Marinette County | $1,604 | $116,600 |
| Marquette County | $2,192 | $144,000 |
| Menominee County | $2,654 | $85,400 |
| Milwaukee County | $3,707 | $157,000 |
| Monroe County | $2,357 | $144,100 |
| Oconto County | $2,198 | $156,700 |
| Oneida County | $2,040 | $165,000 |
| Outagamie County | $2,779 | $168,600 |
| Ozaukee County | $4,033 | $291,200 |
| Pepin County | $2,531 | $143,800 |
| Pierce County | $3,542 | $193,300 |
| Polk County | $2,649 | $158,300 |
| Portage County | $2,536 | $162,000 |
| Price County | $1,775 | $120,000 |
| Racine County | $3,312 | $169,500 |
| Richland County | $2,200 | $134,400 |
| Rock County | $2,706 | $142,700 |
| Rusk County | $1,572 | $106,300 |
| Sauk County | $2,758 | $172,500 |
| Sawyer County | $1,759 | $161,700 |
| Shawano County | $1,972 | $135,800 |
| Sheboygan County | $2,875 | $154,900 |
| St. Croix County | $3,367 | $248,500 |
| Taylor County | $2,052 | $129,300 |
| Trempealeau County | $2,437 | $147,000 |
| Vernon County | $2,299 | $148,900 |
| Vilas County | $1,976 | $206,500 |
| Walworth County | $3,323 | $203,500 |
| Washburn County | $1,897 | $147,000 |
| Washington County | $3,502 | $232,300 |
| Waukesha County | $3,954 | $279,200 |
| Waupaca County | $2,411 | $142,300 |
| Waushara County | $2,125 | $140,500 |
| Winnebago County | $2,763 | $157,800 |
| Wood County | $2,078 | $135,500 |
Source: American Communities Survey 2016, U.S. Census
Wisconsin Housing Market 2024
The past year has seen a steep increase in the market value of housing in Wisconsin. This continues a longstanding trend amplified by the COVID pandemic. Nevertheless, the pace of growth has diminished compared to the previous year, while both purchase and refinance rates have been on the increase for some time and are expected to rise further in the near future.
How do I calculate my mortgage payment?
The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:
M = P*i(1 + i)^n / (1 + i)^n – 1
M – estimated monthly mortgage payment;
P – principal;
I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);
N – the loan term expressed in months (in other words, the overall number of monthly payments)
Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).
I = .0699 % / 12 = .005825%.
Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.
M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.
So, you are going to pay about $4042 a month.
It is important to note that the calculated M value is approximate, as no extra fees are taken into account.
Tips for first-time home buyers in Wisconsin
To start, there are various federal agencies such as USDA, FHA, and VA that offer loan guarantees for specific borrowers. These programs can provide numerous choices for first-time homebuyers to find options that suit their financial plans.
In addition to these government-backed programs, it's worth considering the opportunities provided by UHC (Wisconsin Housing Corporation) for residents of Wisconsin. Particularly, first-time homebuyers who meet the qualifications for an FHA loan and have a FICO score of at least 660 can apply for the FirstHome program. This program offers assistance with down payments and closing costs, covering up to 6% of the loan amount. It's important to note that this assistance comes in the form of a 30-year fixed-rate second loan. If you don't meet the criteria for the FirstHome program, don't lose hope. The Wisconsin Housing Score Loan is an alternative program that provides coverage of up to 4%, with a minimum acceptable credit score of 620.
Here are some valuable tips for first-time homebuyers:
- Obtain pre-approval in advance to enhance your credibility in the eyes of home sellers. It's advisable to secure pre-approval letters from not just one, but from at least two or three different lenders.
- Compare mortgage rates from various sources. Consider a minimum of three lenders to explore your options thoroughly. The more lenders you assess, the better chance you have of finding a favorable rate.
- Perform preliminary calculations based on the amount you've been pre-approved for. This will help you plan and budget for your future expenses more effectively.
- Begin saving for a down payment as early as possible and contribute as much as you can. A larger down payment reduces the principal amount, potentially lowering your overall expenses. Starting your savings early is key to achieving this goal.
- If you are eligible for a VA loan, prioritize this option. VA loans often come with favorable terms and conditions for qualified individuals.
- Explore government-backed programs and local assistance initiatives. These programs may offer enticing incentives and opportunities, so be sure not to overlook them.
- If feasible, work on paying off any existing debts before applying for a mortgage. Reducing your outstanding debts can improve your financial standing and increase your chances of securing a favorable loan.