Mortgage Calculator & Closing Costs: Wilmington, DE
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Wilmington, Delaware.
Median Home Price
$285K
Population
71K
Avg Monthly Rent
$1,350
Property Tax Rate
0.56% *
* Property tax shown is the Delaware state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Wilmington.
Wilmington vs Delaware Median
The median home price in Wilmington is $285,000, which is 20% below the Delaware state median of $355,000.
Mortgage Calculator — Wilmington, DE
Pre-filled with Wilmington median home price and Delaware tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $285K home using Delaware's 0.56% tax rate and $1,300/yr insurance.
5% Down
$2,111/mo
Down: $14,250
Loan: $271K
P&I: $1,711
Tax: $133
Insurance: $108
PMI: $158
10% Down
$2,012/mo
Down: $28,500
Loan: $257K
P&I: $1,621
Tax: $133
Insurance: $108
PMI: $150
20% Down (No PMI)
$1,682/mo
Down: $57,000
Loan: $228K
P&I: $1,441
Tax: $133
Insurance: $108
Income needed (28% rule): $72K/year with 20% down, $86K/year with 10% down.
Rent vs Buy in Wilmington
Rent
$1,350/mo
vs
Buy (10% down)
$2,012/mo
Price-to-rent ratio: 17.6 — A ratio between 15-20 means the rent vs buy decision in Wilmington depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Wilmington is $285,000, 20% below the Delaware state median of $355,000. With a population of 70,898, Wilmington is a smaller market where home prices tend to be more accessible than in many parts of Delaware.
Property taxes in Delaware average 0.56% annually. This low property tax rate is a significant advantage for Wilmington buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Delaware runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Wilmington is $1,350/month. The price-to-rent ratio in Wilmington is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Wilmington presents moderate affordability. The $285K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Wilmington.