How Much Mortgage Can I Afford in Wisconsin Right Now?
If you're dreaming of owning a home in Wisconsin, the first question most people ask is simple:
"How much mortgage can I afford?"
The answer depends on your income, debts, down payment, and current interest rates - but knowing your range early helps you shop confidently and avoid surprises.
I'm Adam Zeman with Union Home Mortgage (NMLS #870441), and I help Wisconsin homebuyers get pre-approved fast with clear numbers and minimal paperwork.
Talk to me now (fast, no-pressure consult):
Adam Zeman - Mortgage Loan Originator, NMLS #870441
📞 Call/Text: 414-975-2654
📧 Email: azeman@uhm.com
🌐 Visit: www.mkemortgage.com
📅 Schedule: https://calendly.com/adam-zeman/30min
💬 24/7 Assistant: Wisconsin Real Estate & Mortgage Expert
How Lenders Calculate What You Can Afford
Most lenders - including my team at Union Home Mortgage - follow guidelines from Fannie Mae and Freddie Mac to determine what's affordable. The two key ratios are:
- Front-End Ratio: Your mortgage payment (principal, interest, taxes, and insurance) should usually be 28% or less of your gross income.
- Back-End Ratio: All debts combined (credit cards, car loans, student loans, plus mortgage) should stay under 45% of your gross income.
Example:
If you earn $7,000 per month and have $600 in other debt payments, your maximum mortgage payment would land around $2,550 - enough for a home near $360,000 with 5% down, depending on taxes and rates.
Down Payment, Credit, and Interest Rate Impact
- Down Payment: Even 3% down can get you started, but 5 - 20% down reduces your payment and avoids or shortens PMI.
- Credit Score: Scores 740+ get the best rates. If you're under 700, I'll help you find the right path to qualify.
- Interest Rate: Even a 0.25% rate difference changes what you can afford by tens of thousands over time. Check today's averages from Freddie Mac PMMS for context.
Other Costs to Factor In
Buying a home includes more than the mortgage payment. Expect:
- Property taxes and insurance (local to your county)
- Private Mortgage Insurance (PMI) if under 20% down
- Closing costs (usually 2 - 3% of purchase price)
- Home maintenance and utilities
How to Get an Accurate Number
Online calculators are a start, but they often miss critical Wisconsin factors like property tax differences between Waukesha, Milwaukee, and Dane County.
The fastest and most accurate route is a free pre-approval. My team will analyze your income, credit, and goals so you know exactly what you can afford within 24 hours - no guessing, no hard sales.
Example: Wisconsin Buyer Snapshot
- Buyer: First-time homeowner in Brookfield
- Income: $90,000 annual
- Debt: $500 per month
- Down Payment: 5%
- Estimated Home Price Range: $325,000 - $350,000
That's the power of a personalized pre-approval: clear numbers, confidence, and negotiating leverage.
Get Pre-Approved and Know Your Buying Power
If you're ready to find out how much home you can afford - and get a personalized number based on your real finances - I'll help you every step of the way.
Adam Zeman - Mortgage Loan Originator, NMLS #870441
📞 Call/Text: 414-975-2654
📧 Email: azeman@uhm.com
🌐 Visit: www.mkemortgage.com
📅 Schedule: https://calendly.com/adam-zeman/30min
💬 24/7 Assistant: Wisconsin Real Estate & Mortgage Expert