Michigan Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Michigan property taxes are driven by local millage rates across counties, cities, townships, schools, and special districts. This file models a statewide planning estimate, Michigan transfer tax, and MSHDA assistance; metro county pages override the property-tax estimate. On a $400,000 Michigan planning example with 20% down at 6.5% for 30 years, principal and interest are about $2,023; at ~1.38% statewide property-tax planning rate, tax escrow is about $460/mo, for estimated PITI near $2,583 before PMI. Michigan transfer taxes hit at closing while local millage sets escrow; compare Wayne, Oakland, and Kent county pages for metro detail.
Loan Details
$70,000 · LTV 80%
Buyer Profile
Extra Payment
Optional principal-only payment used to estimate payoff speed and interest savings.
Monthly Payment
$1,770 Principal & Interest · $403 Property Taxes · $125 Other
Methodology and limitations
Last reviewed:
Methodology
Uses standard principal-and-interest mortgage math, then models housing-cost inputs such as tax, insurance, PMI, and extra-payment scenarios where available. National pages include worked PITI, term, and PMI comparison examples for planning.
Limitations
Planning estimate only. Actual approval, escrow, PMI, fees, taxes, insurance, and closing disclosures depend on lender, property, borrower profile, and local rules.
Michigan Mortgage Calculator - Monthly Payment with Taxes, PMI & Insurance
Michigan property taxes are driven by local millage rates across counties, cities, townships, schools, and special districts. This file models a statewide planning estimate, Michigan transfer tax, and MSHDA assistance; metro county pages override the property-tax estimate. On a $400,000 Michigan planning example with 20% down at 6.5% for 30 years, principal and interest are about $2,023; at ~1.38% statewide property-tax planning rate, tax escrow is about $460/mo, for estimated PITI near $2,583 before PMI. Michigan transfer taxes hit at closing while local millage sets escrow; compare Wayne, Oakland, and Kent county pages for metro detail.
Use this mortgage calculator for Michigan to estimate the monthly payment with principal, interest, configured annual taxes, eligible exemptions, and assistance programs when the buyer profile matches the conditions.
What This Estimate Uses
- Geographic level: state
- Configured property tax rate: 1.38%
- Configured benefits or exemptions: 2
- Reviewed sources: 4
What Changes in Michigan
- Data level used: state. This page uses the most specific available data layer for Michigan.
- Configured combined annual property tax rate: 1.38% before exemptions and buyer-specific conditions are applied.
- Configured down payment assistance programs: MSHDA Down Payment Assistance.
Local Tax Assumptions
These are the annual tax assumptions configured for this page. The calculator applies them to the appropriate value, then accounts for exemptions or conditions when the buyer selects them.
- Michigan Local Property Tax - 1.380%
Programs and Exemptions Included
These benefits do not mean automatic approval. The calculator models them when the buyer inputs match the configured eligibility conditions.
- MSHDA Down Payment Assistance - $10,000 (requires: first-time buyer, primary residence)
- Mortgage Credit Certificate (MCC) - 20% of mortgage interest (requires: first-time buyer, primary residence, buyer has a Mortgage Credit Certificate)
When This Estimate Can Change
- The actual property tax bill depends on the address, overlapping taxing jurisdictions, approved exemptions, and appraised value.
- Home insurance, flood insurance, HOA dues, and PMI can vary by property, lender, and buyer profile.
- Configured closing costs include Michigan Real Estate Transfer Tax, but other settlement charges may appear on a real loan estimate.
2025 Local Home-Purchase Mortgage Market in Michigan
Local home-purchase mortgage market context for Michigan: in 2025 Home Mortgage Disclosure Act (HMDA) data, Michigan logged 159,421 final-action applications. The mortgage denial rate was 12.93% and the originated share was 67.27%.
| Metric | Michigan |
|---|---|
| Final-action applications | 159,421 |
| Mortgage denial rate | 12.93% |
| Originated share | 67.27% |
Source: FFIEC HMDA 2025 (LAR modificado, compra de vivienda) · Texas vs California mortgage denial rates (methodology)
Nearby location comparison
Planning comparison on a $400,000 home with 20% down, 6.5% fixed for 30 years, and $100/mo insurance. Monthly tax uses each page's configured property tax rate.
| Location | Est. property tax rate | Est. monthly tax | Est. monthly PITI |
|---|---|---|---|
| Michigan (this page) | 1.38% | $460 | $2,583 |
| Arizona | 0.63% | $210 | $2,333 |
| Arkansas | 0.62% | $207 | $2,329 |
| California | 1.00% | $333 | $2,456 |
| Colorado | 0.55% | $183 | $2,306 |
| Florida | 1.70% | $567 | $2,690 |
Local Data and Sources
Last editorial verification: May 15, 2026. This page combines the official data layers configured for Michigan.
The sources used on this page are Consumer Financial Protection Bureau mortgage cost guidance, Michigan Department of Treasury property tax, Michigan real estate transfer tax, MSHDA homeownership programs. Each source lists which rate, exemption, or program it validates and when it was last reviewed.
- Consumer Financial Protection Bureau mortgage cost guidance - verified May 3, 2026 - General U.S. mortgage closing-cost and mortgage-cost guidance.
- Michigan Department of Treasury property tax - verified May 15, 2026 - Official source for Michigan property-tax administration and homeowner property-tax guidance.
- Michigan real estate transfer tax - verified May 15, 2026 - Official source for Michigan state and county real estate transfer tax guidance.
- MSHDA homeownership programs - verified May 15, 2026 - Official MSHDA source for homebuyer and down payment assistance programs.
Frequently Asked Questions
What Michigan closing tax is modeled?
The state estimate includes a Michigan real estate transfer tax planning rate on the sale price. Use this state mortgage calculator to combine that assumption with principal, interest, insurance, and PMI, then drill into county or city pages when you have a specific address.
What Michigan assistance is modeled?
The calculator models MSHDA down payment assistance for eligible first-time buyers using the home as a primary residence. Use this state mortgage calculator to combine that assumption with principal, interest, insurance, and PMI, then drill into county or city pages when you have a specific address.
What is a sample Michigan PITI on $400,000?
With 20% down at 6.5% for 30 years, principal and interest are about $2,023. At ~1.38% statewide property-tax planning rate, monthly escrow is about $460; with $100 insurance, estimated PITI is about $2,583 without PMI. Drill into county or city calculators for address-level millage.
Does this mortgage calculator include taxes and insurance?
Yes. This calculator estimates your full monthly housing payment by combining principal and interest with property taxes, homeowners insurance, and PMI when your down payment is below 20%. The result reflects a PITI-style payment rather than principal and interest alone, which helps you compare homes and loan scenarios more realistically before talking to a lender.
When does PMI apply on a mortgage?
Private Mortgage Insurance (PMI) typically applies when your loan-to-value ratio exceeds 80%, meaning your down payment is less than 20% of the purchase price. PMI is usually added to the monthly payment until you reach sufficient equity. This calculator includes PMI in the estimate when your inputs trigger it, so you can see how a smaller down payment affects affordability.