Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Michigan mortgage costs
What a typical Michigan (MI) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $250,000 |
|---|---|
| 10% down payment | $25,000 |
| Loan amount | $225,000 |
| Principal & interest (30yr @ 6.75%) | $1,459/mo |
| Property tax (1.38%) | $288/mo |
| Homeowners insurance | $158/mo |
| PMI (until 20% equity) | $94/mo |
| Estimated total monthly | $1,999/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Michigan different
Taxable value resets on transfer, so a new buyer's escrow can jump well above the seller's — never use the listing's tax figure.
At $250,000 to buy against $1,350 a month to rent, the price-to-rent ratio is 15.4 — the 12th lowest in the country, close enough to the middle that the answer turns on your holding period and what a down payment would earn invested instead.
Entry prices are among the country's more forgiving: a median $250,000 is the 12th lowest in the country, $92,500 below the national median, so a 20% deposit is roughly $50,000.
Property tax is the line that shapes a Michigan budget. The 1.38% effective rate is the 13th highest in the country, adding $288 a month on a median $250,000 home — $3,450 a year that never amortises away and rises with assessed value long after the loan is paid off.
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