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Michigan Mortgage Calculator

Use this free Michigan mortgage calculator to estimate your monthly mortgage payments and annual amortization.

Loan details

%

Monthly payment

$2,100

at 6.80% · 30-year fixed

  • Principal & interest

    $1,565

  • Property taxes

    $375

  • Homeowners insurance

    $160

Loan amount

$240,000

Total interest paid

$323,263

Payoff date

—

YOU'RE KEEPING $23,210

$23,210

stays in your pocket

That's your total savings over 30 years at today's best rate on NerdWallet (6.80%) vs. the 7.20% national average — $64 less every month.

  • Today's best rate: 6.80%

  • Get your free rate with no credit impact

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No impact to your credit score

Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.

Getting a Mortgage in Michigan

Written by 
,  Edited by 
 and 
Last updated November 19, 2025
Housing affordability varies by location, and national averages don’t always tell the full story. Pairing local housing data with a cost of living calculator helps show how everyday expenses can affect overall affordability.
In Michigan, mortgage costs tend to sit below national averages, even in higher-demand areas. For instance, in Kent County, home to Grand Rapids, the typical principal-and-interest payment in Q1 2025 was $1,959 for a median-priced home valued at $334,306, according to the National Association of Realtors. Nationally, the median was $2,120 on a $402,300 home.
That affordability hasn't gone unnoticed either — Realtor.com named the Grand Rapids metro area as one of its top housing markets for 2026, with home sales and prices expected to climb as more buyers move in.

Michigan mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate7.367%7.372%
20-year fixed-rate7.271%7.277%
15-year fixed-rate6.535%6.543%
10-year fixed-rate5.490%5.559%
7-year ARM7.583%7.288%
5-year ARM7.490%7.164%
30-year fixed-rate FHA5.375%6.092%
30-year fixed-rate VA6.688%7.035%
Data source: ©Zillow, Inc. 2006 – 2026. Use is subject to the Terms of Use

Today's rate

7.372%

30-year fixed

Today's mortgage rates in Michigan are 7.372% for a 30-year fixed, 6.543% for a 15-year fixed, and 7.164% for a 5-year adjustable-rate mortgage (ARM).

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.
» MORE: First-time home buyer programs by state

Average property tax by county

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.

CountyAvg. property tax rateMedian home value
Alcona County0.88%$148,200
Alger County1.03%$156,500
Allegan County1.05%$255,100
Alpena County1.06%$128,000
Antrim County0.93%$199,800
Arenac County1.19%$118,200
Baraga County1.05%$121,700
Barry County1.01%$223,600
Bay County1.42%$139,900
Benzie County0.82%$243,600
Berrien County1.10%$221,700
Branch County1.14%$140,200
Calhoun County1.43%$156,300
Cass County0.95%$181,100
Charlevoix County0.91%$220,000
Cheboygan County0.94%$167,400
Chippewa County1.17%$142,000
Clare County1.04%$112,400
Clinton County1.24%$233,900
Crawford County1.10%$135,400
Delta County1.12%$139,200
Dickinson County1.35%$122,600
Eaton County1.42%$198,800
Emmet County0.91%$246,300
Genesee County1.35%$174,200
Gladwin County1.06%$140,600
Gogebic County1.30%$87,800
Grand Traverse County0.98%$335,900
Gratiot County1.17%$126,500
Hillsdale County0.96%$159,000
Houghton County1.23%$129,200
Huron County1.06%$129,500
Ingham County1.84%$186,200
Ionia County1.11%$199,500
Iosco County0.93%$118,400
Iron County1.21%$95,800
Isabella County1.18%$159,500
Jackson County1.16%$173,000
Kalamazoo County1.39%$236,300
Kalkaska County0.95%$152,800
Kent County1.15%$281,200
Keweenaw County1.03%$155,900
Lake County0.91%$117,100
Lapeer County0.86%$237,900
Leelanau County0.71%$371,200
Lenawee County1.21%$194,200
Livingston County0.99%$348,800
Luce County0.94%$104,600
Mackinac County0.96%$157,000
Macomb County1.32%$240,400
Manistee County1.06%$157,800
Marquette County1.06%$205,700
Mason County1.02%$181,200
Mecosta County0.99%$153,000
Menominee County0.98%$132,200
Midland County1.49%$186,800
Missaukee County0.87%$153,300
Monroe County1.04%$212,800
Montcalm County1.03%$183,400
Montmorency County0.96%$125,600
Muskegon County1.20%$182,400
Newaygo County1.04%$165,000
Oakland County1.31%$330,800
Oceana County1.04%$151,700
Ogemaw County0.96%$125,300
Ontonagon County1.15%$89,700
Osceola County0.98%$128,200
Oscoda County0.85%$122,500
Otsego County0.88%$178,400
Ottawa County1.08%$313,800
Presque Isle County0.96%$124,800
Roscommon County0.96%$133,400
Saginaw County1.35%$146,600
Sanilac County0.84%$149,300
Schoolcraft County0.93%$129,100
Shiawassee County1.17%$165,400
St. Clair County1.07%$219,400
St. Joseph County1.03%$152,800
Tuscola County1.17%$127,200
Van Buren County1.19%$191,300
Washtenaw County1.50%$364,600
Wayne County1.56%$173,500
Wexford County1.16%$146,100
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

To use our mortgage calculator, add your details to the following fields:
  1. Home price
  2. Down payment
  3. Interest rate
  4. Loan term (years)
After you enter this information, the calculator displays the monthly payment, as well as:
  • Total principal
  • Total interest payments
  • Payoff date
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Calculating costs in addition to principal and interest

The calculator lets you fine-tune your payment by entering your annual property tax premium, annual home insurance premium, monthly homeowner association (HOA) fee, and monthly private mortgage insurance (PMI) premium.
To enter this information, click “Show Advanced Info” underneath the main loan details. Note that you'll enter the annual cost for property taxes and home insurance and the monthly cost for HOA fees and PMI premiums. The PMI field will only display if your down payment is less than 20%.
In the “Loan Estimate” window, select "Amortization Schedule" to uncover a table that shows how much you'll pay in principal and interest each month, as well as the remaining amount you owe ("Principal balance") after making the payment.
» MORE: What is mortgage amortization?

Explanation of terminology

  • Total monthly payment: An estimate of all your monthly housing costs, covering your loan principal, interest, taxes, insurance, and PMI.
  • Total principal: This is the amount you borrow. Each mortgage payment reduces the principal you owe.
  • Total interest payments: How much interest you would pay over the life of the loan.
  • Total loan payments: The entire amount of principal and interest paid, excluding taxes, insurance, and PMI.
  • Down payment: The portion of the home’s price you pay in cash upfront. 
  • Interest rate: How much the lender charges you to lend you the money. Interest rates are expressed as an annual percentage. A lower interest rate gives you a smaller monthly payment.
  • Loan term (years): The number of years you have to repay the mortgage. A longer term gives you a lower monthly payment, but you’ll pay more interest.
  • Start date: The month that your first mortgage payment is due.
  • Payoff date: The month your home will be fully paid off based on the loan term.
  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual property tax bill with each mortgage payment, and the servicer saves them in an escrow account. When the taxes are due, the loan servicer pays them.
  • Homeowners insurance: Your policy covers damage and financial losses from fire, storms, theft, a tree falling on your house and other bad things. As with property taxes, you pay roughly one-twelfth of your annual homeowners insurance premium each month, and the servicer pays the bill when it's due.
  • Monthly HOA fees: The amount you may pay each month if you belong to a homeowners association. Typically, these dues are billed directly, not added to the monthly mortgage payment. Because HOA dues can be easy to forget when considering the cost of homeownership, NerdWallet's mortgage calculator allows you to enter them here.
  • Private mortgage insurance: If you get a conventional mortgage and put down less than 20%, you’ll have to pay a monthly PMI premium. It covers the lender if you default on the loan and can be canceled once you reach 20% equity. FHA loans require a similar fee called a mortgage insurance premium. 
If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.
» MORE FOR CANADIAN READERS: Canada mortgage payment calculator
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