MI

Michigan Mortgage Calculator 2026

Michigan offers affordable home prices but above-average property taxes (1.54%), creating a nuanced affordability picture. Detroit is undergoing significant revitalization and Grand Rapids has emerged as one of the Midwest's most dynamic mid-size cities.

$240,000
Median Home Price
1.54%
Property Tax Rate
High
7.25%
Avg 30-yr Rate
$1,726
Est. Monthly (PITI)

Calculate Your Michigan Mortgage Payment

Pre-filled with Michigan averages — adjust any value to match your situation.

= $48,000 down

Estimated Monthly Payment Breakdown

Based on $240,000 home price, 20% down, 30-year fixed at 7.25%.

Principal & Interest
$1,310/mo
Property Tax
$308/mo
Homeowners Insurance
$108/mo
Total (PITI)
$1,726/mo

Michigan Property Taxes & Income Tax

Michigan's 1.54% property tax rate is above the national average. The Principal Residence Exemption (PRE) reduces taxable value for primary residences by 18 mills (1.8%), providing significant savings. Michigan's income tax is a flat 4.25%.

Homestead Exemption availableMichigan offers a homestead exemption for owner-occupied primary residences, reducing your property tax bill.

Michigan Homeowners Insurance

❄️Winter Storm Risk

Michigan's insurance costs are moderate at $1,100–$1,500/year. The state faces winter storm risk including heavy lake-effect snow in western Michigan. Flooding is a concern in southeastern Michigan. Budget $90–$130/month.

Michigan Housing Market Overview

Detroit has undergone significant revitalization with neighborhoods like Midtown, Corktown, and New Center attracting investment. Ann Arbor (University of Michigan) and Troy offer strong schools and amenities. Grand Rapids has a dynamic economy driven by healthcare, manufacturing, and tech. The Great Lakes shoreline creates premium vacation markets in Traverse City and Petoskey.

Frequently Asked Questions

What is the average mortgage payment in Michigan?

Based on Michigan's median home price of $240,000, a 20% down payment, and a 30-year fixed rate of 7.25%, the estimated total monthly payment (PITI) is approximately $1,726/month.

What is the conforming loan limit in Michigan?

The conforming loan limit in Michigan is $766,550. Loans above this amount are jumbo loans requiring stronger credit and larger down payments.

Can I get a USDA loan in Michigan?

Yes — Michigan has USDA-eligible rural areas where qualifying buyers can purchase a home with zero down payment. Use the USDA eligibility map to check specific addresses.

Are VA loans available in Michigan?

Yes — eligible veterans, active-duty service members, and surviving spouses can use VA loans in Michigan with no down payment and no PMI. The VA loan limit in Michigan is $766,550.

Michigan Loan Limits

Conventional$766,550
FHA$472,030
VANo limit (full entitlement)
Jumbo starts at$766,551

Michigan Homebuyer Programs

MSHDA MI Home Loan
Michigan State Housing Development Authority (MSHDA)

Below-market interest rate mortgages with down payment assistance of up to $10,000 for qualifying first-time buyers.

Learn more →

Loan Types Available

Conventional (30-yr, 15-yr, ARM)
FHA (3.5% down)
VA (0% down for veterans)
USDA (0% down, rural areas)

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See what you qualify for in Michigan with current rates.

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