Homemade Sweetened Condensed Milk What if you found the perfect dessert—like the Leprechaun Pie—and you’re out of sweetened condensed milk. You can make your own. Use it whenever sweetened condensed milk is called for in a recipe. And you can make it for a lot less than you would buy it for. Yield: The equivalent of one 14-ounce can of sweetened condensed milk. Ingredients 1/3 cup water 2/3 cup sugar 1 cup dry milk powder 3 tablespoons butter Directions 1. Heat a bowl of water in the microwave until it is very hot (or use tap water if you can get it steaming hot). 2. Combine the remaining ingredients in a small bowl. Add the hot water and beat with an electric mixer or wire whisk until smooth. Note: This should be made as you need it and will not store well. One recipe equals one can of store bought sweetened condensed milk.