Mortgage Calculator — Michigan
Pre-filled with Michigan's average home price of $235000, property tax rate of 1.32%, and average insurance of $1600/year. Adjust any value below.
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Michigan Housing Market
Michigan offers highly affordable housing in most markets, with Detroit-area suburbs and mid-sized cities like Grand Rapids seeing renewed demand. Ann Arbor commands a premium due to the University of Michigan.
Affordability in Michigan
Michigan is one of the most affordable states for home buyers in the Midwest, though property taxes above 1.3% add meaningful carrying costs. Buyers earning $60,000–$70,000 can typically afford a median-priced Michigan home.
Key Markets
First-Time Buyer Programs in Michigan
MI Home Loan
30-year fixed mortgage for first-time buyers (and repeat buyers in targeted areas), with income and price limits.
MI 10K DPA
Up to $10,000 of down payment assistance as a 0% deferred loan, repaid when you sell or refinance.
Programs are run by the Michigan State Housing Development Authority (MSHDA). Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Michigan
Under Proposal A, the taxable value of a home can rise each year by no more than inflation or 5%, whichever is lower, but the cap resets to market value when the home sells. That means a buyer's bill can be much higher than the seller's was. The Principal Residence Exemption removes most school operating millage. At Michigan's average effective rate of 1.32%, a $235,000 home pays roughly $3,100/year (about $258/month).
Michigan Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Michigan
Michigan charges a state transfer tax of $3.75 per $500 and a county tax of $0.55 per $500 (about 0.86% in total). The seller normally pays both. Buyers pay lender fees, title fees and recording costs.
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