What It Costs to Buy 216 Erickson St, Elroy: Conventional vs. USDA vs. WHEDA
- $165,000
- 3 beds
- 1 full + 1 unfinished half bath
- 1,268 sq ft
- Corner lot
- MLS #2035946
216 Erickson St is a 3-bedroom farmhouse in Elroy, Wisconsin, listed at $165,000 by Liz Walker, REMAX RealPros. For a first-time buyer, the estimated monthly payment ranges from about $1,413 to $1,552 depending on the loan, and cash needed at closing ranges from near $0 to about $13,200. Here is how the three most common first-time buyer loans compare on this home.
Zillow estimates this home would rent for about $1,711 a month. Every scenario below comes in $159 to $298 a month less than renting it.
Side-by-side loan comparison
Conventional
5% down
- Loan amount
- $156,750
- Principal & interest
- $1,062
- Mortgage insurance
- $65
- Taxes + insurance
- $286
- Down payment
- $8,250
- Est. cash to close
- ~$13,200
USDA Guaranteed
0% down
- Loan amount
- $166,650
- Principal & interest
- $1,129
- USDA annual fee
- $49
- Taxes + insurance
- $286
- Down payment
- $0
- Est. cash to close
- ~$4,950
WHEDA + Easy Close
3% down, covered by DPA
- First mortgage
- $160,050
- Principal & interest
- $1,084
- Mortgage insurance
- $67
- Easy Close payment
- $116
- Taxes + insurance
- $286
- Est. cash to close
- Near $0
Assumptions: 7.18% rate on all loans (Freddie Mac 30-year average, Nov. 5, 2026) for an apples-to-apples comparison; 30-year fixed first mortgages; taxes of $2,225/year ($185/mo); homeowners insurance estimated at $100/mo; mortgage insurance estimated at 0.50%/year; closing costs estimated at 3% of price. Your actual rate, insurance and fees will depend on credit, income and lender. These are estimates, not a loan offer.
What each number means for you
Conventional: lowest payment, most cash up front
With 5% down, the conventional loan has the lowest monthly payment at about $1,413. The tradeoff is cash: roughly $13,200 for the down payment and closing costs. Mortgage insurance can be removed once you reach 20% equity, which lowers the payment over time. Some conventional programs allow first-time buyers to put as little as 3% down.
USDA: $0 down for eligible rural buyers
USDA guaranteed loans require no down payment. For fiscal year 2027, USDA charges a 1% upfront guarantee fee, which is usually added to the loan, and a 0.35% annual fee paid monthly. That annual fee is about $49 a month here, lower than typical mortgage insurance, but it lasts for the life of the loan. Buyers must meet household income limits, and the property must be in an eligible area. Elroy is a small rural community, but always confirm the exact address on USDA’s eligibility map. Closing costs of about $4,950 can often be reduced with seller concessions.
WHEDA: the least cash to close, plus a Juneau County bonus
WHEDA’s Easy Close Advantage is a second mortgage of up to 6% of the price ($9,900 on this home) that can cover both the down payment and closing costs. It’s a 10-year loan at the same rate as the first mortgage, which adds about $116 a month until it’s paid off. After year 10, the payment drops to about $1,436.
Juneau County is one of 15 rural Wisconsin counties where WHEDA offers reduced interest rates to eligible buyers, so a real WHEDA quote on this home could come in below the estimate shown. WHEDA requires a 620+ credit score for its conventional loan, household income limits apply, first-time buyers must complete homebuyer education, and the home must be your primary residence.
Which loan fits which buyer?
Choose conventional if
you have savings for a down payment and want the lowest monthly payment.
Choose USDA if
you qualify on income and want $0 down with low ongoing fees.
Choose WHEDA if
you have little cash saved and want the smallest amount due at closing.
About the home
This 1.5-story farmhouse, built in 1900, keeps its original wood floors and vintage trim while offering a metal roof and vinyl siding for low exterior maintenance. The main floor has a bedroom, a remodeled full bath with laundry, and a 10×20 kitchen with the range, refrigerator and dishwasher included. Two more bedrooms are upstairs, along with a roughed-in half bath ready to finish. Outside are a screened front porch, a fenced corner-lot yard and a detached one-car garage. Royall schools are about 0.4 miles away, and the Elroy-Sparta, 400 and Omaha trails all start in town.
At about $130 per square foot, the home is priced below the recent Elroy listing average of roughly $162 per square foot.
Frequently asked questions
What would the monthly payment be on 216 Erickson St?
At a 7.18% rate, estimated payments including taxes and insurance range from about $1,413 with a conventional loan and 5% down, to $1,463 with a USDA loan, to $1,552 with a WHEDA loan and Easy Close down payment assistance.
Can I buy this home with no money down?
Possibly. A USDA loan requires no down payment for eligible buyers, and WHEDA’s Easy Close Advantage can cover up to 6% of the price for down payment and closing costs. Income limits and other requirements apply to both.
Does Juneau County qualify for WHEDA’s reduced rate?
Yes. Juneau County is one of WHEDA’s rural target counties, where eligible buyers can receive a reduced interest rate.
What are the property taxes?
Annual taxes are listed at $2,225, or about $185 per month.
Who is the listing agent?
Liz Walker of REMAX RealPros, serving buyers and sellers in Elroy, Mauston, New Lisbon, Necedah, Wonewoc, Lyndon Station, Camp Douglas, Oakdale, Tomah, Wisconsin Dells, Adams and Friendship.
Find out which loan works for you
I’m Liz Walker with REMAX RealPros. I can connect you with local lenders who offer conventional, USDA and WHEDA loans, so you can get real numbers for 216 Erickson St and schedule a showing.
Sources: Listing details from SCWMLS #2035946 via Zillow (Nov. 2026). Rate from Freddie Mac Primary Mortgage Market Survey (Nov. 5, 2026). USDA fees from USDA Rural Development’s FY 2027 Conditional Commitment Notice (Sept. 2026). WHEDA program details, including the Juneau County rural target area, from WHEDA.com. Rent estimate is Zillow’s automated Rent Zestimate. Elroy price per square foot from Place Perfect Realty listing data (April 2026). Payment figures are estimates for illustration only and are not a commitment to lend. Information deemed reliable but not guaranteed.