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Michigan Mortgage Calculator

Estimate the monthly PITI payment on a Michigan home. Preseeded with the state’s 1.38% effective property-tax rate, $1,400 average annual insurance, and $240,000 median home price.

Loan Parameters
$
$
Percentage
20.0 %
Loan Term
Advanced Options
$
Monthly Payment (PITI)
$1,606
Principal & Interest
$1,214
Property Taxes
$276
Home Insurance
$117
Total Interest
$244,885
Total Cost
$578,245
Loan-to-Value
80.0%
Payoff Year
2056

Michigan Property Tax, Insurance & Home Prices

Effective property-tax rate
1.38%
Avg annual insurance
$1,400
Median home price
$240,000

Statewide averages, last reviewed May 2026. Actual rates and premiums vary significantly by county, city, and parcel — see the notes below.

Notable Michigan Rules

Michigan caps annual taxable-value increases at the lower of 5% or inflation under Proposal A. The cap is removed only when the property changes hands — long-term owners benefit substantially. Principal Residence Exemption removes 18 mills of school operating tax.

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Frequently Asked Questions

  • Michigan's statewide effective property-tax rate is approximately 1.38% of home value (last reviewed May 2026). Actual county- and city-level rates vary; check your specific parcel before budgeting.