Michigan Mortgage Calculator
Calculate your monthly mortgage payments in Michigan with our free calculator. Includes local property tax rates and insurance estimates.
MI Mortgage Calculator
Calculate monthly payments for Michigan properties
$60000.00
$4710.00 per year
$1050.00 per year
Payment Summary
Principal & Interest$1516.96
Property Tax$392.50
Home Insurance$87.50
Total Monthly Payment$1996.96
Loan Amount$240000.00
Total Interest$306106.77
Total Loan Payment$546106.77
Payoff Date1/21/2055
Michigan Quick Facts
- Average Property Tax Rate:
- 1.57%
- Average Home Insurance Rate:
- 0.35%
First-Time Home Buyer Programs in MI
Michigan offers several programs for first-time home buyers:
- MI Home Loan Program
- MI Down Payment Program
- Property Improvement Program
- MSHDA Mortgage Credit Certificate
Michigan Property Tax Rates by County
| County | Tax Rate | Median Home Value |
|---|---|---|
| Wayne County | 1.69% | $175,000 |
| Oakland County | 1.51% | $325,000 |
| Macomb County | 1.62% | $215,000 |
| Kent County | 1.47% | $245,000 |
| Genesee County | 1.73% | $155,000 |
| Washtenaw County | 1.58% | $335,000 |
| Ingham County | 1.65% | $185,000 |
| Ottawa County | 1.45% | $275,000 |
| Kalamazoo County | 1.55% | $205,000 |
| Saginaw County | 1.71% | $135,000 |
Michigan Mortgage Guide
Key considerations for Michigan mortgages:
- Higher property tax rates than national average
- Diverse housing market conditions
- Strong state-backed buyer assistance
- Winter weather considerations for insurance
Related Resources
State Housing Resources
- Official Michigan Housing Authority
- State Property Tax Information
- First-Time Homebuyer Programs
Additional Calculators
- Property Tax Calculator
- Home Insurance Calculator
- Refinance Calculator
Data sources: State property tax records, county assessor offices, and local real estate data.
Last updated: 1/21/2025