Michigan Mortgage Calculator

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

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Taking out a mortgage in Michigan

Written by NerdWallet

Michigan, the Great Lakes State, remains affordable as the median homeowner spent just 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.

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. Learn more

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 County1.1%$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 County1.1%$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 County1.3%$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 County1.2%$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 County1.5%$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

  1. Under "Loan amount," enter the amount you intend to borrow.

  2. Under "Interest rate," enter the mortgage interest rate that you expect to get.

  3. Under "Loan term (years)," enter the length of the mortgage in years. Most mortgages have 30-year terms.

After you enter these three pieces of information, the calculator prominently displays the monthly payment inside the "Your loan estimate" window. It also displays:

  • The loan amount (under "Total principal").

  • How much interest you would pay over the life of the loan ("Total interest payments").

  • The total principal plus interest you would pay over the loan's term ("Total loan payments").

  • The monthly principal and interest payment excluding taxes and insurance ("Monthly mortgage payment").

  • The payoff date, which is the month when you would pay the last scheduled payment.

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 fee and monthly cost of mortgage insurance. Note that you'll enter the annual cost for property tax and home insurance, and the monthly cost for HOA fees and mortgage insurance.

Select "Show 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.

Explanation of terminology

  • Loan amount: Also known as principal, this is the amount you borrow. Each mortgage payment reduces the principal you owe.

  • 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 term is the number of years it will take to pay off the mortgage. A longer term gives you a lower monthly payment than a shorter term does. But you pay more total interest with a longer term because you're paying interest for more months.

  • Start date: The month that your first mortgage payment is due.

  • Property taxes: The annual tax assessed by a government authority on your home and land. You pay about one-twelfth of your annual 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 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 your down payment is less than 20% of the home’s purchase price, you’ll likely pay mortgage insurance. It protects the lender in case a borrower defaults on a mortgage.

Using the mortgage calculator to compare scenarios

This mortgage calculator lets you change the loan amount, interest rate, loan term and other factors so you can see the effect on monthly payments.

Feel free to test it out by entering your loan amount, then altering the interest rate or the loan term (or both). You won't break anything!

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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