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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%
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.

$
$39,000
%
%
years
WI avg
%
$
Monthly Payment (PITI)
$1,380
Principal + Interest + Tax + Insurance + PMI
Principal & Interest
$986
per month
Taxes & Insurance
$394
per month
Total Interest Paid
$199K
over 30 years
Total Loan Cost
$355K
all payments
Payment Breakdown
Loan Amount$156,000
Principal & Interest$986
Property Taxes$286
Homeowners Insurance$108
Total Monthly PITI$1,380

Closing Costs — Milwaukee, WI

Estimated closing costs based on Wisconsin rates and fees applied to Milwaukee prices.

$
%
Wisconsin: Avg closing costs 1.4% of price. Transfer tax: 0.3%.
Estimated Closing Costs
$8,540
4.4% of purchase price
Lender Fees
$1,829
origination, underwriting
Third-Party
$2,425
appraisal, title, inspection
Government Fees
$585
transfer taxes, recording
Prepaids + Escrow
$3,701
taxes, insurance, interest
Itemized Costs
Loan Origination (0.8%)$1,404
Underwriting Fee$350
Credit Report$75
Appraisal$550
Home Inspection$450
Title Search + Insurance$1,275
Recording Fee$150
Transfer Tax$585
Prepaid Taxes (3 mo)$858
Prepaid Insurance (12 mo)$1,300
Prepaid Interest (15 days)$469
Escrow Reserves$1,075
Total Closing Costs$8,540

Buying a Home in Milwaukee, Wisconsin

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.

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Compare total costs of renting vs buying in Milwaukee.
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