Wisconsin Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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The homeownership rate in Wisconsin increased from 66.1% in 2019 to 67.9% in 2020. Compared to the national average, Wisconsin homeowners pay roughly $104 less for a mortgage each month. Considering that an average household in the state earns $6,474 monthly, it means about 16% goes into their mortgage.
You also need to factor in how much you’ll have to pay in taxes. Wisconsin has the sixth-highest real estate tax rate of 1.85%. It also translates to a more expensive annual property tax — the average in Wisconsin is $4,027.
With all these averages, it’s best to understand how your unique profile affects your estimated expenses. MoneyGeek’s Wisconsin mortgage calculator allows you to use personalized data and preferences, such as how much of a down payment you’ll use or how long the term of your loan will last.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s mortgage calculator for Wisconsin is an effective way to get a comprehensive estimate of your possible mortgage costs each month. It considers multiple factors, which are detailed below.
Why and How to Use Our Mortgage Calculator
Buying a home isn’t a sprint — it’s a marathon. You need to carefully review your finances to ensure you can afford it for the long term. MoneyGeek’s Wisconsin mortgage calculator can help.
On average, a home in Wisconsin costs $191,600. Whether the house you’re eyeing is cheaper or more expensive, MoneyGeek’s mortgage calculator for Wisconsin can help you determine a budget and manage your finances to accommodate it.
We’ve detailed the 12 factors to consider before purchasing a home, which can help you make better financial decisions.
Home Price:
In this field, type in your preferred loan amount or how much you’re willing to pay for a house.
Down Payment:
You can put in a specific dollar amount or indicate the percentage of the purchase price you’re willing to pay. Remember, the bigger your down payment, the less you pay each month.
Interest Rate:
Put in the interest rate for the loan. You can get this from the quotes lenders provided. You can also check MoneyGeek’s daily mortgage rate reports.
Loan Terms:
It refers to how long you intend to pay for your loan. Home mortgages typically last for 15 or 30 years, but other terms are also available.
Payments per Year:
How many times you pay per year affects your loan payment. If you’re planning to pay monthly, put in 12.
Property Tax:
This refers to the amount you pay the government each year based on your home’s purchase price. In Wisconsin, the average is $4,027.
HOA Fees:
If your home is part of a homeowner’s association, you’ll have to pay dues either per month or per year.
Principal & Interest:
The principal is how much you borrowed. The interest is how much you pay the lender for loaning you the money.
Monthly Payment:
This indicates how much you’ll pay each month. It already factors in the principal and interest, HOA dues and property taxes.
Principal Payment:
It's the part of your monthly payment that repays your loan. As a result, it lowers your balance.
Interest Payment:
This is the monthly mortgage payment amount that covers the interest your lender is charging.
Total Cost with Interest:
This indicates the total amount you pay your lender. It combines your loan principal and interest.
Once you’ve calculated your estimated costs, take a step back and see how realistic it is for you. If you find the numbers a little steep, here are several strategies to reduce your expenses.
- Find a more affordable home. The average cost of a home in Wisconsin is $191,600. If you can find a house with a lower price, you may be able to lower your monthly mortgage without adjusting other factors.
- Increase your down payment. Paying a higher sum upfront leaves you with a lower principal. Even if you keep the loan terms and interest the same, you’ll end up with a lower amount per month.
- Find a lender that offers a lower interest rate. It pays to compare quotes from several lenders. If you get a lower interest rate, it directly affects your total cost. It translates to a smaller monthly mortgage payment.
- Change your loan terms. You can consider extending your loan terms if you want to spend less each month. However, keep in mind that longer loan terms usually have higher interest rates.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
Figuring out how much you have to pay monthly for a mortgage is only one part of the homebuying process. MoneyGeek provides additional resources to provide you with more information.
- Shop & Compare Rates — Remember that lenders offer varying mortgage rates in Wisconsin, so it pays to take the time to compare several options.
- Not Ready to Buy? — If you’re still on the fence about purchasing a home, don’t worry. You can also explore renting as an option.
- Learn More — There are different types of loans, and one may be a better option for you than others. If you’re not sure what’s available for you, MoneyGeek has guides on FHA loans, VA loans and reverse mortgages.
Frequently Asked Questions About Mortgages in Wisconsin
Lenders typically consider a home loan affordable if you have a debt-to-income ratio of 43% or lower. That said, you need to factor in your other financial obligations. It eventually boils down to how much you’re comfortable paying without sacrificing other essential expenses.
On average, the outstanding mortgage amount in Wisconsin is $138,789.
Several mortgage programs only require less than a 5% down payment. Others, like VA or USDA loans, sometimes don’t require one at all. However, keep in mind that the higher your down payment is, the smaller your loan balance becomes.
Private mortgage insurance is required if you make a small down payment on a conventional loan. Once your loan balance hits 78% of the original purchase price, you can request to have your mortgage insurance terminated.
Annual property tax varies between states. The average for Wisconsin is $4,027.
Homeowners in Wisconsin pay an average of $1,054 per month for a mortgage. That’s $104 less than the national average.
The median home value in Wisconsin is $191,600.
sources
- Federal Reserve Economic Data. "Homeownership Rate for Wisconsin." Accessed March 3, 2022.