Milwaukee, WI Mortgage Calculator
Estimate your monthly mortgage payment in Milwaukee including property taxes, homeowners insurance, PMI, and 2026 loan limits.
Local Home Values & Affordability
At a median of $190,000, Milwaukee sits 39% below the national median of $310,000 — making it one of the more affordable markets in our dataset and well within FHA financing range.
A 20% down payment on a median Milwaukee home requires $38,000 in cash — or $6,650 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Property Tax in This Market
Milwaukee County's effective property tax rate of 2.18% is 98% above the 1.10% national average across the markets we track — placing it among the top 5 highest-tax counties in our dataset.
Based on the 2.18% effective rate and a median home value of $190,000, a typical homeowner in Milwaukee County pays approximately $4,142 in annual property taxes — or $345 per month added to their mortgage payment.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Milwaukee County runs approximately $1,200/year ($100/month), in line with the national average of $1,600.
Premium quotes in Milwaukee County typically range from $800 to $1,800 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Milwaukee home ($190,000) with FHA's minimum 3.5% down would borrow $183,350 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $152,000 stays $680,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
All FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, plus an annual MIP of 0.55%–0.75% of the loan balance paid monthly. On a $183,350 FHA loan, expect approximately $84/month in ongoing MIP — added to principal, interest, taxes, and insurance.
Sources: HUD ML 2025-23, FHFA 2026, HUD MIP Rates 2023
Extra Monthly Payment
Estimated Monthly Payment
$1,451
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
Loan Amount: $152,000
LTV: 0.01%
P&I Payment
$1,006
Total Interest
$210,218
over loan life
Payoff
30 yr
Closing Costs
$3,426–$6,395
est. range
Monthly Payment Breakdown
2026 Loan Limit Context
FHA Limit
$541,287
Conforming Limit
$832,750
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $1,006 | $126 | $880 | $151,874 | $880 |
| 2 | $1,006 | $127 | $880 | $151,748 | $1,760 |
| 3 | $1,006 | $127 | $879 | $151,620 | $2,639 |
| 4 | $1,006 | $128 | $878 | $151,492 | $3,517 |
| 5 | $1,006 | $129 | $877 | $151,364 | $4,394 |
| 6 | $1,006 | $130 | $877 | $151,234 | $5,271 |
| 7 | $1,006 | $130 | $876 | $151,104 | $6,147 |
| 8 | $1,006 | $131 | $875 | $150,973 | $7,022 |
| 9 | $1,006 | $132 | $874 | $150,841 | $7,896 |
| 10 | $1,006 | $133 | $874 | $150,708 | $8,770 |
| 11 | $1,006 | $133 | $873 | $150,575 | $9,643 |
| 12 | $1,006 | $134 | $872 | $150,441 | $10,515 |
2026 Loan Limits — Milwaukee County, WI
| Limit Type | 2026 Limit | Note |
|---|---|---|
| FHA Loan Limit (1-unit) | $524,225 | Max loan for FHA-insured mortgage |
| Conforming Loan Limit (1-unit) | $806,500 | Fannie Mae / Freddie Mac eligible |
Source: HUD / FHFA. Data as of 2025-01-15.
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