Dissolve 1 1/2 cups sugar into 1 12-fluid ounce can evaporated milk as a sweetened condensed milk substitute. Let it cool before using. For a non-milk based substitution, mix 2 eggs, 1 cup brown sugar, 1 teaspoon vanilla extract, 2 tablespoons flour, 1/2 teaspoon baking powder and 1/4 teaspoon salt.
Traditional baked cheesecake recipes, made with cream cheese, sugar and eggs, do not call for sweetened condensed milk. It is a common ingredient, however, in no-bake cheesecake recipes. If you are making a no-bake recipe, be cautious when substituting with the raw egg-based recipe. Use pasteurized eggs to guard against food-borne illnesses such as salmonella.