Calculate your monthly mortgage payment in Michigan. Pre-filled with Michigan's typical home value of $266,300 (Zillow Home Value Index, August 2026) and an effective property tax rate of 1.18% (Census ACS 2024 1-year, median taxes ÷ median home value).
Est. Monthly Payment
$1,795
Principal & Interest
$1,422
Property Tax / mo
$262
Total Interest Paid
$298,756
| Home Price | $266,300 | Typical home value in Michigan — Zillow Home Value Index, August 2026 |
| Down Payment | 20% ($53,260) | Assumption — no sourced state average |
| Loan Amount | $213,040 | Home price minus down payment |
| Interest Rate | 7.03% | Freddie Mac PMMS national average, week of 2026-09-24 — not a Michigan rate |
| Loan Term | 30 years | Assumption |
| Property Tax | 1.18% / year | Michigan effective rate — Census ACS 2024 1-year, median taxes ÷ median home value |
| Home Insurance | 0.5% / year | Assumption — not a sourced premium |
Programs named for Michigan: MSHDA MI Home Loan, MI DPA Loan. This list has no recorded source or date and may be out of date — confirm current programs and eligibility with the Michigan housing finance agency before you rely on it.
Cost of living: Moderate (index 92.1, MERIC (C2ER index), Second Quarter 2026) · Population: 10,127,884 (Census Bureau estimate, July 1, 2025)
Michigan has a typical home value of about $266,300 (Zillow Home Value Index, August 2026), below the U.S. typical value of $368,700. With an assumed 20% down payment of $53,260, a buyer would finance $213,040 over 30 years. At the national 7.03% fixed rate, the monthly principal and interest payment comes to $1,422.
The effective property tax rate in Michigan — median real estate taxes paid divided by median home value — is 1.18% per year (Census ACS 2024 1-year, median taxes ÷ median home value), against 0.89% for the U.S. Combined with an assumed $111 a month for homeowners insurance, the estimated all-in monthly housing cost is about $1,795.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $76,914 to qualify comfortably. The median household income in Michigan is $72,389 (Census ACS 2024 1-year).
