Mortgage Calculator & Closing Costs: Milwaukee, WI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Milwaukee, Wisconsin.
Median Home Price
$195K
Population
577K
Avg Monthly Rent
$1,150
Property Tax Rate
1.76% *
* Property tax shown is the Wisconsin state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Milwaukee.
Milwaukee vs Wisconsin Median
The median home price in Milwaukee is $195,000, which is 30% below the Wisconsin state median of $280,000.
Mortgage Calculator — Milwaukee, WI
Pre-filled with Milwaukee median home price and Wisconsin tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using Wisconsin's 1.76% tax rate and $1,300/yr insurance.
5% Down
$1,673/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $286
Insurance: $108
PMI: $108
10% Down
$1,606/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $286
Insurance: $108
PMI: $102
20% Down (No PMI)
$1,380/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $286
Insurance: $108
Income needed (28% rule): $59K/year with 20% down, $69K/year with 10% down.
Rent vs Buy in Milwaukee
Rent
$1,150/mo
vs
Buy (10% down)
$1,606/mo
Price-to-rent ratio: 14.1 — With a ratio under 15, buying in Milwaukee is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $456 more than renting, but you build equity with every payment.
The median home price in Milwaukee is $195,000, 30% below the Wisconsin state median of $280,000. With a population of 577,222, Milwaukee is a major metro area where home prices tend to be more accessible than in many parts of Wisconsin.
Property taxes in Wisconsin average 1.76% annually. This higher-than-average tax rate means a $195,000 home in Milwaukee would carry roughly $286/month in property taxes alone — plan accordingly. Homeowners insurance in Wisconsin runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Milwaukee is $1,150/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Milwaukee over the long term.
Milwaukee offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Wisconsin's WHEDA First-Time Advantage program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Milwaukee.