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Michigan mortgage calculator

Pre-filled for Michigan: the median home value ($255,000) and the state's effective property tax rate of 1.18%. Change anything to match your home.

Home price
Down payment$51,000
%
Interest rateAPR, fixed
%
Loan term
Extra monthly paymenttoward principal
/ mo

Estimated monthly payment

$1,690.17

Loan $204,000 · 20% down

  • Principal & interest$1,289.42
  • Property tax$250.75
  • Home insurance$150.00
See the month-by-month schedule →
Total interest
$260,190
Total cost
$608,460
Payoff time
30 yr
PMI paid
None

Principal vs. interest by year

1: Principal 2,280, Interest 13,19312: Principal 2,433, Interest 13,0403: Principal 2,596, Interest 12,8774: Principal 2,770, Interest 12,70345: Principal 2,955, Interest 12,5186: Principal 3,153, Interest 12,3207: Principal 3,364, Interest 12,1098: Principal 3,590, Interest 11,88489: Principal 3,830, Interest 11,64310: Principal 4,086, Interest 11,38711: Principal 4,360, Interest 11,11312: Principal 4,652, Interest 10,8211213: Principal 4,964, Interest 10,50914: Principal 5,296, Interest 10,17715: Principal 5,651, Interest 9,82216: Principal 6,029, Interest 9,4441617: Principal 6,433, Interest 9,04018: Principal 6,864, Interest 8,60919: Principal 7,324, Interest 8,14920: Principal 7,814, Interest 7,6592021: Principal 8,337, Interest 7,13622: Principal 8,896, Interest 6,57723: Principal 9,491, Interest 5,98224: Principal 10,127, Interest 5,3462425: Principal 10,805, Interest 4,66826: Principal 11,529, Interest 3,94427: Principal 12,301, Interest 3,17228: Principal 13,125, Interest 2,3482829: Principal 14,004, Interest 1,46930: Principal 14,940, Interest 53130
PrincipalInterest

Amortization schedule by year

YearPrincipalInterestBalance
1$2,280$13,193$201,720
2$2,433$13,040$199,287
3$2,596$12,877$196,691
4$2,770$12,703$193,921
5$2,955$12,518$190,966
Monthly payment$1,690.17

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Michigan at a glance

Effective property tax
1.18%
Rank (1 = highest)
13th of 51
Median home value
$254,200
Median tax bill
$2,988/yr

On the same $400,000 home, property tax in Michigan adds about $393.33/month, versus $296.67/month at the national rate.

Michigan mortgage payments by home price

Home pricePrincipal & interestProperty taxTotal / month
$125,000$632.07$122.92$904.99
$200,000$1,011.31$196.67$1,357.98
$250,000$1,264.14$245.83$1,659.97
$375,000$1,896.20$368.75$2,414.95
$500,000$2,528.27$491.67$3,169.94

20% down, 6.5% 30-year fixed (example rate), 1.18% property tax, $1,800/yr insurance, no HOA. Also see: how much house you can afford in Michigan.

Mortgage calculators for other states

Assumptions

  • Fixed interest rate for the full term.
  • Property tax, insurance and HOA stay constant (in reality they usually rise over time).
  • PMI applies only when the loan is over 80% of the home price, and stops once the balance reaches 78% of the original price.
  • Extra payments go entirely to principal.
  • Michigan figures: Effective rate = ACS median real estate taxes paid ÷ ACS median value, owner-occupied housing units, by state. Source: US Census Bureau ACS 2024.

Frequently asked questions

What is the property tax rate in Michigan?+

The effective property tax rate in Michigan is about 1.18% of home value a year (median taxes paid $2,988 on a median home worth $254,200). That's the 13th highest of 50 states and DC, and higher than the national 0.89%. Your actual bill depends on your county, city and exemptions.

What's the mortgage payment on a median-priced home in Michigan?+

For a $255,000 home with 20% down at an example 6.5% 30-year rate, the payment is about $1,690.17 a month, including $250.75 of property tax and $150.00 of insurance.

How much income do I need to buy a home in Michigan?+

To afford the median Michigan home ($255,000) under the 28/36 guideline with 10% down and no other debts, you'd need roughly $84,000 a year in gross income at a 6.5% rate.

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Last reviewed October 14, 2026. Calculator version 1.0.0. Sources: US Census Bureau, ACS 2024 1-year, Table B25103 (Median Real Estate Taxes Paid) · US Census Bureau, ACS 2024 1-year, Table B25077 (Median Value, Owner-Occupied). Results are estimates for educational purposes, not financial, tax or lending advice. How we check our numbers.