Wisconsin Mortgage Calculator

Wisconsin has the cheapest homeowners insurance in this data set, about $920 a year, but property taxes are above average at about 1.25% of value. The bill combines school, municipal, county and technical college levies. State levy limits slow growth in local budgets, but they do not freeze any one home's bill.

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A median Wisconsin home costs $294,700 (32nd of 51). Borrowing 80% at 7.40% gives $2,016.27 per month once $307.00 of tax and $76.92 of insurance are added to $1,632.35 of principal and interest; at 5% down with PMI, budget $2,438.99.

Homestead exemptions and property tax relief

If you own and live in the home on January 1, you get the Lottery and Gaming Credit, which appears directly on your tax bill. Lower-income owners can also claim the Homestead Credit on their state return. There is no general exemption from value.

First-time buyer programs

WHEDA's Easy Close Advantage provides a second mortgage of $1,000 up to 6% of the price. It is repaid monthly over 10 years at the same rate as the first mortgage, rather than deferred or forgiven.

Transfer and recording taxes

The seller pays a transfer fee of $3 per $1,000 of value, about $884 on a $294,700 home. It is reported on the electronic Real Estate Transfer Return.

Closing costs to plan for

Buyers pay lender charges, title and recording fees. Because Wisconsin taxes are paid in arrears, the seller usually credits the buyer for the year's taxes to date.

When property tax bills are due

Wisconsin property tax bills go out in December, and many municipalities let you pay in installments, with the first due January 31. The Lottery and Gaming Credit is taken entirely off that first installment; if it is bigger than the installment, the rest comes off later installments. Cities that collect under a special statute spread the credit across all installments instead.

Before you buy in Wisconsin

You get the Lottery and Gaming Credit only if you own and live in the home as your primary residence on January 1. A buyer who closes later in the year gets the credit the following year, unless the seller qualified and the credit stays on the bill. Check the most recent tax bill to see whether the credit is there. Lower-income owners can also claim the Homestead Credit on their state income tax return. Wisconsin assessments are set as of January 1, and the board of review usually meets in spring or early summer.

2026 loan limit in Wisconsin

FHFA 2026 one-unit conforming limits: the $832,750 baseline covers each of the 72 counties. The typical $235,760 loan stays conforming.

Wisconsin numbers used above

MeasureWisconsinU.S.
Median home value (ACS 2024)$294,700$360,600
Effective property tax rate1.25% (11th highest)0.89%
Average HO-3 premium (NAIC 2023)$923$1,737
Median household income$77,488$81,604
Median gross rent$1,142$1,487
Income needed at 28% (20% down)$86,412–

Frequently asked questions

When is the first Wisconsin property tax installment due?

January 31, and the Lottery and Gaming Credit comes off that first installment.

Who gets the Wisconsin Lottery and Gaming Credit?

Owners who live in the home as their primary residence on January 1.

Is there a Wisconsin homestead exemption?

No general exemption. Relief comes through the Lottery and Gaming Credit and the income-based Homestead Credit.

What is the median-home payment in Wisconsin?

About $2,016.27 a month on a $294,700 home with 20% down at 7.40%, including tax and insurance.

Sources

See also: all states · house affordability · Wisconsin paycheck