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Michigan Mortgage Calculator

Your monthly mortgage payment in Michigan, with Michigan's effective property tax rate (1.25%) built in, at this week's average rate. The calculator starts at the state's median home value, $231,600.

A $232,000 home with 20% down ($185,600 borrowed) at 7.28% over 30 years costs about $1,679 a month: $1,270 principal and interest plus $409 of tax, insurance and dues.

Monthly payment
$1,679.00
Principal and interest
$1,269.90
Tax, insurance, PMI and HOA
$409.11
Total interest over the loan
$271,563
Loan balance and interest paid over 30 years at 7.28%$0$100k$200k$300k051015202530Years━Balance owed━Interest paid so far
Download the schedule (CSV)
Amortization by year: $185,600 at 7.28%
YearInterestPrincipalBalance
1$13,452.87$1,785.90$183,814.10
2$13,318.43$1,920.35$181,893.75
3$13,173.87$2,064.91$179,828.84
4$13,018.42$2,220.35$177,608.49
5$12,851.28$2,387.50$175,220.99
6$12,671.55$2,567.22$172,653.77
7$12,478.29$2,760.48$169,893.29
8$12,270.49$2,968.29$166,925.00
9$12,047.04$3,191.74$163,733.26
10$11,806.77$3,432.01$160,301.25
11$11,548.41$3,690.37$156,610.88
12$11,270.60$3,968.17$152,642.71
13$10,971.88$4,266.89$148,375.82
14$10,650.68$4,588.10$143,787.72
15$10,305.29$4,933.49$138,854.23
16$9,933.90$5,304.87$133,549.36
17$9,534.56$5,704.22$127,845.14
18$9,105.15$6,133.63$121,711.51
19$8,643.42$6,595.36$115,116.15
20$8,146.93$7,091.85$108,024.30
21$7,613.06$7,625.72$100,398.58
22$7,039.00$8,199.77$92,198.81
23$6,421.73$8,817.04$83,381.77
24$5,758.00$9,480.78$73,900.99
25$5,044.29$10,194.48$63,706.50
26$4,276.86$10,961.91$52,744.59
27$3,451.66$11,787.11$40,957.48
28$2,564.34$12,674.43$28,283.04
29$1,610.23$13,628.55$14,654.49
30$584.28$14,654.49$0.00

This week's mortgage rates →

Monthly payment in Michigan by home price (20% down, 7%, 30 years, 1.25% tax, $2,000 insurance)

Home pricePrincipal and interestProperty taxTotal
$120,000$639$125$931
$170,000$905$178$1,249
$230,000$1,224$240$1,631
$350,000$1,863$366$2,395
$460,000$2,448$481$3,096

How this calculator works

As the mortgage calculator, with Michigan's effective property tax rate from the Census Bureau's American Community Survey 2020–2024 5-year estimates: median taxes $2,904 ÷ median value $231,600.

What it assumes

  • Home insurance varies a lot by state and area; enter your quote.
  • County property tax rates differ from the state figure; see the county pages.

Questions people ask

What is the mortgage payment on a median home in Michigan?

On $231,600 with 20% down at 7% over 30 years: about $1,233 principal and interest and $242 of property tax, $1,641 a month with $2,000 a year of insurance.

What is the median home value in Michigan?

$231,600 for owner-occupied homes (Census American Community Survey 2020–2024 5-year estimates), against $332,700 nationally.

How much is property tax in Michigan?

The effective rate is 1.25%, a median $2,904 a year. See Michigan's property tax page for every county we cover.

How much income do I need for a median Michigan home?

Under the 28% guideline, about $70,344 a year for the payment above; Michigan's median household income is $72,875.

Mortgage calculator by state

Related calculators

  • Mortgage CalculatorYour full monthly mortgage payment: principal and interest, property tax, insurance, PMI and HOA dues, at this week's average rate, with a yearly amortization schedule.
  • Michigan Property Tax CalculatorMichigan homeowners pay a median $2,904 a year in property tax, 1.25% of a median $231,600 home: the 14th highest effective rate of the 50 states and DC.
  • Home Affordability CalculatorThe home price your income supports under the 28/36 guideline lenders use, counting your other debts, down payment, taxes and insurance, at this week's average rate.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.