Calculate your monthly mortgage payment in Michigan. Pre-filled with Michigan's median home price of $235,000 and an average property tax rate of 1.54%.
Est. Monthly Payment
$1,786
Principal & Interest
$1,386
Property Tax / mo
$302
Total Interest Paid
$287,414
| Home Price | $235,000 | Median home price in Michigan (2025) |
| Down Payment | 10% ($23,500) | Typical down payment percentage |
| Loan Amount | $211,500 | Home price minus down payment |
| Interest Rate | 6.85% | Approximate 30-year fixed rate (2025 avg) |
| Loan Term | 30 years | Most common mortgage term |
| Property Tax | 1.54% / year | Michigan average effective rate |
| Home Insurance | 0.5% / year | Approximate annual premium |
MSHDA MI Home Loan, MI DPA Loan
Cost of living: Low · Population: 10,077,331
Michigan has a median home price of approximately $235,000, placing it below the national median. With a 10% down payment of $23,500, a typical buyer would finance $211,500 over 30 years. At a 6.85% fixed rate, the monthly principal and interest payment comes to $1,386.
Property taxes in Michigan average 1.54% of the assessed home value annually — one of the higher rates in the country. Combined with an estimated $98 for homeowners insurance, your all-in monthly housing cost is approximately $1,786.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $76,537 to qualify comfortably. The median household income in Michigan is $59,584.
