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Buying a house is a big life event. It’s also a major money move, and a Wisconsin mortgage calculator can help you take the right steps forward. Just input a few numbers, and the calculator quickly tells you your monthly payment and the total interest you’ll pay over the life of the loan. You can experiment with combinations of home price, down payment amount, and loan term to see how these factors affect your costs. Ready to get started? Learn how to use a mortgage loan calculator to your advantage here.
Key Points
• A mortgage calculator is one tool to help you understand how much house you can afford.
• Mortgage calculators factor in the home price, down payment amount, interest rate, loan term, and property taxes into a monthly payment and total payment calculation.
• A mortgage calculator is particularly useful for first-time homebuyers.
• A loan term might be 10, 20, or 30 years and will govern overall costs.
• Buyers can explore down payment assistance programs for financial support.
Wisconsin Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price that you and the home seller have mutually agreed upon. This figure is important for accurately estimating your prospective home loan payments.
• Down payment: The down payment is what you pay for the home upfront. This could be anywhere from 3% to 20%, with a 20% down payment allowing you to forego private mortgage insurance (PMI). To determine the percentage down payment on a home, use a down payment calculator.
• Loan term: The loan term represents the length of time a borrower has to repay the mortgage in its entirety, with common terms set at 15 or 30 years. A shorter term, such as 15 years, will result in higher monthly payments but less total interest paid.
• Interest rate: The interest rate represents the cost of borrowing money, typically expressed as a percentage of the total loan amount. The type of mortgage loan you choose and your credit score are among the factors that determine the rate you’ll be offered.
• Annual property tax: Property tax is levied by local governments on both land and buildings. It’s typically expressed as a percentage of assessed value. You can use the average Wisconsin effective property tax rate of 1.25% or you can search for your ZIP code or city name and “effective property tax rate.”
• Monthly payment: This calculator shows what you would pay to cover the principal and interest each month. It also includes property tax. If you need to pay PMI, that would be added on to your payment. Some lenders include homeowners insurance and homeowners association costs as well.
• Total interest paid: This represents the total amount of interest paid over the life of the loan.
• Total loan cost: This is the all-in amount you will pay for the loan, encompassing both the principal and the interest.
How to Use the Wisconsin Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the property.
Step 2: Select a Down Payment Amount
Choose the down payment you plan to pay upfront. You can type in the dollar amount or use a percentage.
Step 3: Choose a Loan Term
Select the time you’ll need to repay the home loan. Common terms are 15 or 30 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This affects your monthly payment and total loan cost.
Step 5: Add Your Property Tax
Enter the percentage representing the rate of the property’s annual property taxes. As noted above, Wisconsin’s average effective property tax rate is 1.25%.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on loan amount, interest rate, and term. Using it can help you determine affordability before house hunting — it will be particularly helpful if you’re buying your first home, because having a mortgage may be entirely new to you.
Comparing rates and terms aids in choosing the type of mortgage loan you will pursue — for example, whether you will have a fixed or variable interest rate. The calculator shows how a down payment impacts your loan.
A Wisconsin mortgage calculator helps you understand how much house you can afford by showing you your monthly payment amount based on home price, down payment amount, interest rate, loan term, and property taxes. Particularly if you are buying your first home, it’s helpful to compare loan terms and down payment amounts to see how they impact monthly expenses and total interest.
If you’re thinking about getting a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Deciding How Much House You Can Afford in Wisconsin
In Wisconsin the median home sale price was $343,000 in mid-2025, so let’s use that number to examine how much house you might be able to afford if you keep your mortgage costs within 28% of gross monthly income, as most lenders advise. If you made a 20% down payment ($68,600) on a 30-year, 7.00% mortgage, your monthly payment would be $1,825, including property tax at the average Wisconsin rate and home insurance. You’d need an annual income of around $83,000 — more if you have other significant debts such as a car payment, student loan payment, or credit card debt.
Want to work backward from your current annual income to determine your housing budget? Use a home affordability calculator, which takes into account your earnings as well as your debts. And for the ultimate budget guidance, go through the mortgage preapproval process with a lender. You’ll provide detailed financial information, and the lender will let you know if you would likely qualify for a loan and, if so, what rate and terms you would be eligible for.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
A mortgage payment consists of principal (the borrowed amount) and interest (your borrowing cost). This calculator also includes property tax. In real-world conditions, your payment might also include PMI (if your down payment is less than 20% of the home price), home insurance costs, and HOA fees. Wrapping taxes and insurance into mortgage payments is the lender’s way of making sure you stay current on these important charges. After all, your home is the collateral for your loan.
Cost of Living in Wisconsin
The local cost of living significantly impacts how much home you can afford. Higher cost areas have pricier homes and increased expenses for utilities, maintenance, and transportation. Fortunately, most buyers in Wisconsin won’t need a jumbo loan to make their dreams a reality. Wisconsin weighs in with a cost of living index of 97.7, just below the cost of living in the U.S. as a whole, which equals 100 on this scale.
In fact, some of the best affordable places in the U.S. are in the Badger State, including LaCrosse, Waukesha, and Brookfield. Here’s a look at some popular Wisconsin cities and how they rank.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
Wherever you decide to purchase a home in Wisconsin, you may find that you get settled and then wonder if there’s a way to reduce your monthly mortgage payment. You have a few options:
• Ask your lender to drop PMI charges once you reach 20% equity through payments or appreciation.
• Consider a mortgage recast: You would pay a lump sum toward your principal and then ask the lender to recompute your payments based on the smaller loan amount.
• Appeal your property tax assessment if you feel your taxes are too high. Use caution, though. If you have made improvements on the property you could emerge with a higher assessment.
• Undertake a mortgage refinance if you can get to a lower rate. Factor in closing costs to make sure it’s a true cost savings.
• Shop for cheaper homeowners insurance by adjusting your deductible or bundling policies. Or ask your insurer to give you an updated quote if you’ve put on a new roof or installed a security system.
First-time homebuyers in Wisconsin can access assistance programs to help with initial costs. If you haven’t owned a primary residence in three years, you likely qualify as a first-time homebuyer. Down payment assistance programs offer financial aid for down payments, while other programs can help cover closing costs with a loan or a grant, making homeownership more attainable. Most first-time homebuyer programs in Wisconsin are offered by the Wisconsin Housing and Economic Development Authority, but there are also city-specific programs, including in Madison.
A Wisconsin mortgage calculator helps prospective buyers estimate monthly payments, interest, and total loan costs. Running numbers through the calculator allows you to see how changing your down payment amount or loan term might affect your costs, both now and over the long haul. A calculator is a great starting point, and when you’re ready to take the next step toward a home loan, seek out interest rates from a trusted lender, and consider going through the mortgage preapproval process to set yourself up for home-buying success.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly impacts your mortgage interest rate. Higher scores mean lower rates, while lower scores can lead to higher rates. Improving your score can secure a better rate and save you thousands in interest over a loan’s duration.
How much should I put down on a mortgage?
Your ideal down payment amount depends on your financial situation and the type of loan. A larger down payment can reduce monthly payments and total interest paid, and help avoid private mortgage insurance (PMI), which is paid when the down payment is below 20%. A smaller down payment preserves cash for other financial goals. Particularly if this is your first home purchase, it may be tough to come up with a large down payment, especially given the market’s high home prices.
How can I get a lower mortgage interest rate?
To qualify for the lowest available mortgage interest rate, try to improve your credit score, shop around for lenders, and increase your down payment. These actions can lead to a more affordable mortgage and long-term savings.
Can I afford a $300K house on a $70K salary?
It would be tough to afford a $300,000 property on earnings of $70,000 unless you can make a significant down payment or have another source of income or savings besides your salary. One general rule is that your house price should not exceed three times your salary. So a home priced around $210,000 would be a better bet.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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