Wisconsin Mortgage Calculator
Calculate your Wisconsin mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Milwaukee, Madison, Green Bay, Kenosha, Racine, and all of Wisconsin.
Useful for home buyers in Milwaukee, Madison, Green Bay, Kenosha, Racine, and all of Wisconsin.
Why use a Wisconsin Mortgage Calculator?
Wisconsin has higher property taxes than the national average and a real estate transfer fee. This calculator estimates your payment, PMI, property tax, and closing costs specific to Wisconsin.
Wisconsin has higher property taxes than the national average and a real estate transfer fee. This calculator estimates your payment, PMI, property tax, and closing costs specific to Wisconsin.
Result
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Related Calculators
Wisconsin Property Tax: The average effective property tax rate is about 1.53%. Wisconsin also has a real estate transfer fee of 0.30% of the property's value.
Average Home Prices in Major Wisconsin Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Milwaukee | $240,000 | $210,000 | $190,000 | $170,000 |
| Madison | $380,000 | $330,000 | $290,000 | $250,000 |
| Green Bay | $260,000 | $230,000 | $210,000 | $180,000 |
| Kenosha | $270,000 | $240,000 | $220,000 | $190,000 |
| Racine | $210,000 | $190,000 | $170,000 | $150,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Wisconsin
- Property Tax: Wisconsin has one of the higher property tax rates in the country with an average effective rate of about 1.53%. Property taxes are paid annually or semi-annually and may be included in your monthly payment.
- Real Estate Transfer Fee: Wisconsin charges a real estate transfer fee of 0.30% of the property's value, which is typically paid by the seller but may be negotiated.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Wisconsin's closing costs include title insurance, appraisal fees, and other expenses, typically ranging from 2-3% of the purchase price.
Example: On a $300,000 home with 10% down in Milwaukee, you pay PMI and property tax. Closing costs typically range from 2-3% of the purchase price.
Frequently Asked Questions
Wisconsin has one of the higher property tax rates in the country with an average effective rate of about 1.53% of the assessed value. Property taxes are paid annually or semi-annually and may vary significantly by county and municipality. Wisconsin assesses property at 100% of its market value, which contributes to the higher effective rate.
Wisconsin charges a real estate transfer fee of 0.30% of the property's value, which is paid when the deed is recorded. This fee is typically paid by the seller but may be negotiated between the buyer and seller. There are certain exemptions available for specific types of transfers, such as transfers between spouses or transfers to government entities.
Yes, the Wisconsin Housing and Economic Development Authority (WHEDA) offers several programs for first-time homebuyers, including the WHEDA Advantage Conventional program and the WHEDA FHA Advantage program, which provide competitive interest rates and down payment assistance. The WHEDA Capital Access Advantage program offers down payment assistance in the form of a second mortgage loan.
Closing costs in Wisconsin typically range from 2-3% of the purchase price. These costs include title insurance, appraisal fees, attorney fees, and other expenses. If the seller is paying the real estate transfer fee, that would not be included in the buyer's closing costs, but it's important to clarify who pays this fee in your purchase agreement.