626 Mansion St, Mauston, WI: What It Really Costs a First-Time Buyer at $220,000
If you’ve been renting in Juneau County and wondering whether you can afford to buy, this home is a good test case. 626 Mansion St is a fully remodeled 3-bedroom home in Mauston, and below I break down the exact cash you’d need to close and the monthly payment under four common first-time buyer loans.
A remodeled home means fewer surprise expenses
For first-time buyers, the biggest budget risk often isn’t the mortgage. It’s the furnace, roof or water heater that fails in year one. This home removes most of that risk. In the last four years, the sellers replaced or remodeled:
- Roof, siding and windows
- HVAC system with central air
- Flooring and drywall throughout
- Kitchen and bathroom
Other highlights include a main-floor bedroom and full bath, two more bedrooms upstairs, a fenced backyard on a corner lot, and an insulated 2-car garage with 220 outlets and workshop space plus an enclosed storage shed. Fiber internet is available, it’s on city water and sewer, and the washer, dryer, range and refrigerator are included.
The home’s condition also means it will pass for government loan programs, which opens the door to the lowest down payment options available.
Down payment, closing costs and monthly payment by loan type
Here is what this home costs under four loan options, using current average rates and the home’s actual property taxes ($3,160/yr) and an estimated $1,500/yr homeowners insurance.
Estimated monthly payment and cash needed to close
The full breakdown
| Cost | Conventional 5% | FHA 3.5% | USDA 0% | WHEDA FHA + DPA |
|---|---|---|---|---|
| Down payment | $11,000 | $7,700 | $0 | $7,700 |
| Est. closing costs (3%) | $6,600 | $6,600 | $6,600 | $6,600 |
| WHEDA Easy Close assistance | – | – | – | −$13,200 |
| Cash to close | $17,600 | $14,300 | $6,600 | $1,100 |
| Loan amount | $209,000 | $216,015 | $222,200 | $216,015 |
| Principal & interest | $1,402 | $1,376 | $1,416 | $1,419 |
| Mortgage insurance / fee | $96 | $97 | $65 | $97 |
| DPA loan payment (10 yrs) | – | – | – | $152 |
| Property taxes | $263 | $263 | $263 | $263 |
| Homeowners insurance | $125 | $125 | $125 | $125 |
| Total monthly payment | $1,886 | $1,861 | $1,869 | $2,056 |
What the numbers tell a first-time buyer
Lowest cash to close: WHEDA. WHEDA’s Easy Close program lends up to 6% of the purchase price ($13,200 here) toward your down payment and closing costs, bringing the cash you need down to roughly $1,100. The trade-off is a second 10-year loan payment of about $152/mo. Income and purchase price limits apply, and a homebuyer education course is required.
Lowest down payment with a low payment: USDA. USDA loans require no down payment, and the annual fee (0.35%) is the lowest mortgage insurance cost of any option here. USDA eligibility depends on location and household income, so confirm on the USDA eligibility map or with your lender.
Most flexible on credit: FHA. FHA offers the lowest payment in this comparison and is designed for buyers with lower credit scores or limited savings.
Best long-term if you have good credit: Conventional. It requires the most cash upfront, but private mortgage insurance can be removed once you reach 20% equity. FHA mortgage insurance stays for the life of the loan with less than 10% down.
Tip: Closing costs can often be covered by a seller concession negotiated in your offer. FHA and USDA allow seller contributions of up to 6% of the price, and conventional loans allow up to 3% with less than 10% down. On a USDA loan, that could mean moving in with very little out of pocket.
Why rates make this a good time to buy
As of November 5, 2026, the average 30-year FHA rate was about 6.58%, compared with about 7.09% for a conventional loan, according to Mortgage Research Center data. Government-backed loans like FHA and USDA are priced under 7%, and this home qualifies for them. Freddie Mac also reported the 30-year average fell for a third straight week, to 7.18%.
See 626 Mansion St in person
I’m Liz Walker with REMAX RealPros, helping first-time buyers and sellers across Mauston, New Lisbon, Necedah, Elroy, Wonewoc, Lyndon Station, Camp Douglas, Oakdale, Tomah, Wisconsin Dells, Adams and Friendship. I can connect you with local lenders who offer FHA, USDA and WHEDA loans and help you compare your real numbers.
Schedule a showing with LizFrequently asked questions
How much do I need to buy 626 Mansion St in Mauston?
Estimated cash to close ranges from about $1,100 with WHEDA down payment assistance to about $17,600 with a 5% down conventional loan.
Can I buy this home with no money down?
A USDA loan requires no down payment if you meet location and income guidelines. Closing costs of about $6,600 still apply but can often be covered by a seller concession.
What is the monthly payment on a $220,000 home in Mauston, WI?
Including taxes and insurance, the estimated payment is about $1,861 to $1,886/mo depending on the loan, or about $2,056/mo with a WHEDA down payment assistance loan.
Does this home qualify for FHA and USDA loans?
Yes. The home has been fully remodeled, including roof, windows and HVAC, and will pass for government loan programs.
Estimates only, not a loan offer. Rates: Mortgage Research Center national averages for November 5, 2026 (conventional 7.085%, FHA 6.578%). USDA rate assumed equal to FHA; WHEDA rate assumed at 6.875%. Conventional PMI estimated at 0.55%/yr. FHA: 1.75% upfront MIP financed, 0.55% annual MIP. USDA: 1% upfront guarantee fee financed, 0.35% annual fee. WHEDA Easy Close: 6% of price, 10-year term at the first mortgage rate. Closing costs estimated at 3% of price, including prepaid escrows. Taxes per listing ($3,160/yr). Your rate and payment depend on credit, income and lender. Contact a licensed lender for a quote.