Mortgage Calculator in Michigan

Michigan offers one of the more accessible housing markets among larger industrial states, with a median home price of $249,000 that stays within reach for a wide range of buyers. Property taxes run at 1.54%, which is above the national midpoint, so budget carefully — on a $249,000 home, that adds roughly $3,835 per year to your holding costs. The state's Homestead Property Tax Credit can reduce the effective burden for primary-residence owners who meet income thresholds, so look into eligibility before finalizing your numbers. Closing costs average 2.5% here, which lands toward the higher end nationally and adds about $6,225 to upfront expenses. First-time buyers should explore the MI Home Loan and MSHDA Down Payment Assistance programs, both administered by the Michigan State Housing Development Authority, which can cover part of a 10% down payment — about $24,900 on a median-priced home. Detroit and its suburbs have seen meaningful price appreciation in recent years, but markets like Flint, Lansing, and the Upper Peninsula remain far more affordable. Use the mortgage calculator to see how Michigan's property tax affects your all-in monthly payment.