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Michigan mortgage payment calculator
The number a lender quotes you is principal and interest. The number that hits your bank account every month also includes property tax — and in Michigan, that swings the total by hundreds of dollars depending on the county. This calculator shows the whole payment.
Michigan property taxes: the part that surprises people
Michigan's average effective rate is about 1.38% — noticeably above the national average. But the range is wide across the state.
Leelanau and Benzie counties sit near 0.9%, while homes in Wayne County (Detroit) commonly exceed 2% once city millages stack up. Moving from Detroit to Ann Arbor changes your payment more than a half-point of interest rate does.
- Principal & interest: what the lender quotes you.
- Property tax: ~1.38% statewide average, but set your county's real rate.
- Insurance: homeowner's premium, added monthly.
- PMI: included on conventional loans below 20% down.
Ready to see how lenders price your scenario? Check today's Michigan rates or the lender rankings to see who to get quotes from. Not sure of your budget yet? Work backward from your income with the affordability calculator, or if you already own, see whether today's rates beat yours in the refinance break-even calculator. Buying with a government loan? The FHA loan calculator folds in mortgage insurance and the VA loan calculator adds the funding fee.
Related calculators: biweekly payoff · adjustable-rate (ARM) · jumbo loan.
Frequently asked questions
How much is the monthly payment on a $250,000 house in Michigan?
With 10% down at today's 6.51% average 30-year rate, a $250,000 Michigan home runs roughly $1,415 in principal and interest, plus about $290 in property tax at the state's 1.38% average, insurance near $150, and PMI around $100 — call it $1,950–2,000 all-in. Use the calculator above with your county's actual tax rate.
Why is my Michigan property tax estimate different from the seller's bill?
Michigan caps how fast taxable value can grow while someone owns a home — but the cap "pops off" (uncapping) when you buy, and taxable value resets to half of market value. Budget from the SEV-based estimate, not the previous owner's bill, or the first summer bill will sting.
What is PMI and when does it drop off?
Private mortgage insurance is charged on conventional loans with less than 20% down — typically 0.3%–1.1% of the balance per year. It cancels automatically at 78% loan-to-value, or you can request removal at 80%. FHA mortgage insurance works differently and usually lasts the life of the loan.