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.
Detroit mortgage calculator
A median-priced Detroit, MI home at 6.75% over 30 years, with Michigan property tax of 1.38% and $1,900 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$898 a month, all in
Principal and interest are $584; escrow and PMI add the rest. Over the full term the loan costs $120,146 in interest. Discounted at 5%, buying here has a net present value of $117,059 ($227,584 in today’s dollars).
Within Michigan, Detroit is the cheapest of the 5 Michigan markets covered here — Ann Arbor runs about 4.38x these prices. Buyers priced out of the expensive end of the state often end up comparing exactly this pair.
Detroit is cheaper than Michigan as a whole — $100,000 against a state median of $250,000, roughly 60% below. On a 20% deposit that is $30,000 less to find up front.
Rents here are high relative to prices — a rent index of 0.70 against a price index of 0.40. That combination favours buying sooner, because the payment you avoid is larger relative to the price you pay.
Monthly cost in Detroit vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $100,000 |
|---|---|
| Down payment (10%) | $10,000 |
| Loan amount | $90,000 |
| Principal & interest | $584/mo |
| Property tax (1.38%) | $115/mo |
| Homeowners insurance | $158/mo |
| PMI while above 80% LTV | $41/mo |
| Total monthly payment | $898/mo |
| Comparable rent | $945/mo |
What a rate move does to the Detroit payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $511/mo |
| 6% | $540/mo |
| 6.5% | $569/mo |
| 7% | $599/mo |
| 7.5% | $629/mo |
| 8% | $660/mo |
Rent or buy in Detroit?
Against $945 a month in rent, over 7 years buying leaves you about $23,207 better off — $19,523 once 2.5% inflation is stripped out. See the Michigan rent-vs-buy page.
Where these numbers come from
Michigan medians come from editorial and are refreshed weekly. The Detroit figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.