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Michigan mortgage calculator

The median home in Michigan runs about $240,000. With 20% down that's a loan near $192,000 — the calculator is pre-filled with that figure. Michigan caps taxable-value growth on a home until it is sold, so long-time owners often pay far less than a new buyer of the same house. The state offers only a limited trade-in credit on vehicle tax.

$1,246.58 / month

Total interest
$256,775
Total paid
$448,775
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$48k$96k$144k$192k0612182430Year

How it works

A full Michigan payment is more than principal and interest. At the state's 1.38% effective property tax rate, a $240,000 home owes about $3,312 a year in tax, and homeowners insurance averages roughly $1,400 a year here. Together those add about $393 to the monthly payment before any HOA dues or PMI.

Michigan's median household income is about $69,000, or $5,750 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,610 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Michigan sell in about 30 days on average.

Frequently asked questions

What is a typical mortgage payment in Michigan?
On the state's roughly $240,000 median home with 20% down, the loan is about $192,000. Principal and interest depend on your rate; on top of that, Michigan's 1.38% effective property tax rate and about $1,400 a year in homeowners insurance add roughly $393 per month to the payment.
How much are property taxes on a home in Michigan?
Michigan's effective property tax rate averages about 1.38% of market value — roughly $3,312 a year on the $240,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Michigan?
The average Michigan homeowners policy runs about $1,400 a year. Michigan caps taxable-value growth on a home until it is sold, so long-time owners often pay far less than a new buyer of the same house. The state offers only a limited trade-in credit on vehicle tax.
Can I afford a home in Michigan on the median income?
Michigan's median household income is about $69,000 a year, or $5,750 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,610 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Michigan?
A for-sale home in Michigan spends about 30 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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