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)
$1,686
- Principal & Interest
- $1,214
- Property Taxes
- $276
- Home Insurance
- $117
- PMI
- $80
Total Interest
$244,885
Total Cost
$578,245
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.