Home and mortgage

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.

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Home priceDown paymentInterest rateStarts at this week's national averageLoan termProperty taxA year, as a share of the price; about 1% is typical, varying widely by countyHome insurance a yearMortgage insurance (PMI)A year, on the loan, only below 20% downHOA dues a month

Monthly payment$1,666.43The answer

Monthly payment

$1,666.43

A $232,000 home with 20% down ($185,600 borrowed) at 7.18% over 30 years costs about $1,666 a month: $1,257 principal and interest plus $409 of tax, insurance and dues.

Principal and interest: $1,257.32
Tax, insurance, PMI and HOA: $409.11
Total interest over the loan: $267,035

Amortization by year: $185,600 at 7.18%

Year	Interest	Principal	Balance
1	$13,266.93	$1,820.90	$183,779.10
2	$13,131.80	$1,956.03	$181,823.08
3	$12,986.64	$2,101.18	$179,721.89
4	$12,830.71	$2,257.11	$177,464.78
5	$12,663.21	$2,424.62	$175,040.16
6	$12,483.28	$2,604.55	$172,435.61
7	$12,289.99	$2,797.83	$169,637.78
8	$12,082.37	$3,005.46	$166,632.32
9	$11,859.33	$3,228.50	$163,403.82
10	$11,619.74	$3,468.09	$159,935.73
11	$11,362.37	$3,725.46	$156,210.27
12	$11,085.90	$4,001.93	$152,208.34
13	$10,788.92	$4,298.91	$147,909.43
14	$10,469.89	$4,617.94	$143,291.50
15	$10,127.19	$4,960.64	$138,330.86
16	$9,759.06	$5,328.77	$133,002.10
17	$9,363.61	$5,724.22	$127,277.88
18	$8,938.81	$6,149.02	$121,128.86
19	$8,482.49	$6,605.34	$114,523.52
20	$7,992.30	$7,095.52	$107,428.00
21	$7,465.74	$7,622.09	$99,805.91
22	$6,900.10	$8,187.73	$91,618.19
23	$6,292.49	$8,795.34	$82,822.85
24	$5,639.78	$9,448.05	$73,374.80
25	$4,938.63	$10,149.19	$63,225.60
26	$4,185.46	$10,902.37	$52,323.23
27	$3,376.38	$11,711.44	$40,611.79
28	$2,507.27	$12,580.56	$28,031.23
29	$1,573.66	$13,514.17	$14,517.06
30	$570.77	$14,517.06	$0.00

Download the schedule (CSV)

This week's mortgage rates

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

Home price	Principal and interest	Property tax	Total
$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.

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.

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Sources

Updated Sep 30, 2026 by the RateHerald team. The maths is tested against worked examples; report a problem.