Calculate Your Michigan Mortgage Payment
Our calculator is pre-filled with Michigan's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with MI DefaultsMonthly Payment Breakdown for Michigan
Here's what your monthly payment looks like on the median Michigan home ($269,972) with 20% down at 6.67%, the current average 30-year rate:
Note: This estimate assumes 20% down payment ($53,994), no PMI. With less than 20% down, add $90-$180/month for PMI.
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Michigan Property Taxes
Michigan's effective property tax rate is 1.15%, which is above the national average of 0.89%. See how property taxes are calculated and how they compare across states.
Annual Property Tax on $269,972 Home
$3,105
($259/month escrowed)
Buying a Home in Michigan: Key Facts
- Property tax rate of 1.15% is above the national average of 0.89%
- MSHDA set records in April 2025 with 748 reservations totaling over $107 million
- First-Generation DPA program funded with $8 million to help over 320 families
- Affordable median home price of $249,000 despite higher property taxes
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
Michigan First-Time Homebuyer Programs
Michigan has 58 homebuyer assistance programs that can help with down payment and closing costs.
MSHDA First-Generation DPA
$25,000 in down payment assistance for first-generation homebuyers
Deferred LoanMI 10K DPA
Up to $10,000 at 0% interest with no monthly payments
Deferred LoanMI Home Loan
30-year fixed-rate FHA, VA, USDA, or conventional with competitive rates
Low-Interest MortgageEligibility requirements typically include income limits, credit score minimums (usually 620+), and homebuyer education courses. Visit DownPaymentResource.com to search for programs you may qualify for.
Major Cities in Michigan
Home prices and property taxes can vary significantly by city. The median home value of $269,972 is a statewide estimate.
Michigan Mortgage FAQ
What is the property tax rate in Michigan?
The average effective property tax rate in Michigan is 1.15%. On a $269,972 home, that's approximately $3,105 per year or $259 per month added to your mortgage payment.
What is the median home value in Michigan?
The median home value in Michigan is $269,972 as of 2026-06-01. Prices vary by location - Detroit and Grand Rapids typically have higher prices than rural areas.
Are there first-time homebuyer programs in Michigan?
Yes, Michigan has 58 homebuyer assistance programs. Popular options include MSHDA First-Generation DPA, which offers $25,000 in down payment assistance for first-generation homebuyers.
How much do I need to buy a house in Michigan?
For the median Michigan home ($269,972), you'd need $53,994 for a 20% down payment, plus $8,099-$13,499 for closing costs. With down payment assistance, you could potentially buy with as little as $9,449 (3.5% FHA down payment).
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Calculate Your MI Mortgage Payment