Quick answer
The median home in Madison costs $370K. With 20% down ($74K) at 7% for 30 years, the monthly payment is $1,969/month. Total interest paid over 30 years: $412,946.
Calculator · WI · 2026
Mortgage Calculator for Madison, WI (2026)
Pre-filled with Madison's median home price of $370K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Madison Mortgage Payment Scenarios
Median home price: $370K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $18,500 | $351,500 | $2,339 | $3,159 | $490,374 |
| 10% | $37,000 | $333,000 | $2,215 | $2,993 | $464,565 |
| 20% | $74,000 | $296,000 | $1,969 | $2,661 | $412,946 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Madison
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $370K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$370K home · 20% down ($296K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Madison?
The median home price in Madison is $370K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,969. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,339.
Is it cheaper to rent or buy in Madison?
A 2-bedroom rental in Madison averages $1,720/month. Buying the median $370K home with 20% down costs approximately $2,339/month (mortgage + taxes + insurance) — $619 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Madison?
Using the 28% housing rule, you need at least $84K–100K in annual gross income to comfortably afford the median $370K home in Madison with 20% down. You also need $74K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Madison?
WI has a state income tax rate of 7.65%. Property taxes vary by county but on a $370K home, expect $308–$617/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.