Michigan mortgage calculator

Use our free mortgage calculator to estimate your monthly mortgage payment, includi...ng your principal and interest, taxes, insurance, and PMI in Michigan. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.

Michigan housing market

Michigan, the Great Lakes State, remains affordable as the median homeowner spent j...ust over 18% of their income on their home -- well below the national average. Michigan experienced rapid growth in housing prices, with the average home value jumping 9.3% in 2018 alone, although signs point towards a slowdown in 2019. When buying a home in Michigan, get ready to move quickly as the average home was on the market for less than a month on average in 2017, in part due to the proliferation of house flipping in the state.

Your monthly payment
30 year fixed loan term
Monthly payment
Principal & interest


Property taxes

Homeowners insurance

Homeowners association (HOA) fees

Compare common loan types
Total principal: $240,000
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,004$1,446
Mortgage Rate4.125%2.216%*2.986%*
Total interest paid
Loan Term
30 year fixedYour input
15 year fixed30 year fixed
Monthly Payment$1,599$2,004$1,446
Mortgage Rate4.125%2.216%*2.986%*
Total interest paid

See how your payments change over time for your 30 year fixed loan term

At year 0

30 year fixed loan term

Principal Paid
Interest Paid
Year 0
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We’ll share an interesting insight here for key milestones in your payoff schedule.

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Principal & interest


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Michigan mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate2.916%2.974%
20-year fixed-rate2.627%2.709%
15-year fixed-rate2.111%2.216%
10-year fixed-rate2.011%2.170%
7/1 ARM2.554%3.121%
5/1 ARM2.453%3.188%
30-year fixed-rate FHA2.375%3.143%
30-year fixed-rate VA2.531%2.799%

Data source: ©Zillow, Inc. 2006 – 2021. Use is subject to the Terms of Use

Today's rate

30-year fixed

Today’s mortgage rates in Michigan are 2.974% for a 30-year fixed, 2.216% for a 15-year fixed, and 3.188% for a 5/1 adjustable-rate mortgage (ARM).

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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Michigan's first-time home buyer programs

The Michigan State Housing Development Authority offers several loan programs to help qualified first-time home buyers get a mortgage.

MI Home Loan Flex

State program

Best for

Low down payment

What you need to know

The MI Home Loan Flex program is, true to its name, a little more flexible than the MI Home Loan program in a couple of ways. It’s for first-time and repeat home buyers statewide. And it doesn’t require all adults who intend to live in the home to apply for and qualify for a mortgage. But the Flex...

See full article

Michigan's best mortgage lenders

NerdWallet has done the work for you to pick the best financing partner for you in Michigan.

See full article

Average property tax in Michigan counties

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Michigan. Because assessed values aren’t frequently updated, you may pay a higher rate at first but eventually you’ll pay a similar rate.

Avg. property tax rate
Avg. home value
Alcona County0.99%$96,000
Alger County1.03%$119,000
Allegan County1.21%$160,000
Alpena County1.24%$94,000
Antrim County1.04%$151,500
Arenac County1.33%$88,900
Baraga County0.98%$93,100
Barry County1.19%$146,300
Bay County1.56%$102,800
Benzie County0.9%$162,200
Berrien County1.12%$150,400
Branch County1.21%$97,700
Calhoun County1.69%$116,200
Cass County1.03%$127,600
Charlevoix County1.03%$158,800
Cheboygan County0.94%$116,900
Chippewa County1.21%$111,100
Clare County1.08%$85,000
Clinton County1.47%$177,100
Crawford County1.24%$91,900
Delta County1.3%$105,900
Dickinson County1.43%$92,100
Eaton County1.56%$156,000
Emmet County1.01%$171,100
Genesee County1.62%$110,000
Gladwin County1.25%$100,500
Gogebic County1.35%$70,100
Grand Traverse County1.09%$198,000
Gratiot County1.36%$92,100
Hillsdale County1.15%$105,600
Houghton County1.34%$102,400
Huron County1.22%$96,200
Ingham County2.07%$134,400
Ionia County1.32%$117,000
Iosco County1.09%$89,000
Iron County1.22%$76,700
Isabella County1.38%$136,100
Jackson County1.35%$131,300
Kalamazoo County1.56%$158,500
Kalkaska County1.03%$105,300
Kent County1.42%$173,900
Keweenaw County0.96%$95,800
Lake County1.28%$80,800
Lapeer County1.07%$164,300
Leelanau County0.83%$248,900
Lenawee County1.43%$141,800
Livingston County1.16%$251,700
Luce County1.07%$83,200
Mackinac County0.96%$125,100
Macomb County1.57%$166,500
Manistee County1.21%$116,200
Marquette County1.11%$154,900
Mason County1.25%$126,600
Mecosta County1.11%$114,700
Menominee County1.11%$95,900
Midland County1.6%$140,200
Missaukee County1.09%$107,100
Monroe County1.25%$165,600
Montcalm County1.27%$101,000
Montmorency County1.04%$93,800
Muskegon County1.43%$119,900
Newaygo County1.28%$104,500
Oakland County1.5%$243,800
Oceana County1.14%$106,300
Ogemaw County1.08%$89,600
Ontonagon County1.28%$69,500
Osceola County1.19%$91,400
Oscoda County0.83%$83,400
Otsego County1.09%$124,100
Ottawa County1.22%$190,500
Presque Isle County1.04%$97,800
Roscommon County1.01%$94,000
Saginaw County1.5%$104,300
Sanilac County1.06%$101,300
Schoolcraft County1.05%$105,000
Shiawassee County1.31%$133,200
St. Clair County1.25%$154,900
St. Joseph County1.19%$111,200
Tuscola County1.3%$98,800
Van Buren County1.36%$136,200
Washtenaw County1.63%$258,700
Wayne County1.96%$114,400
Wexford County1.28%$96,500

Source: American Communities Survey 2016, U.S. Census

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE: 

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE: 

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if: