Michigan mortgage payment calculator

All-in cost first, always. Estimate only — not a loan quote or pre-approval.

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Rate via FRED

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Michigan at a glance

Median home price
$299,900
Typical closing costs
2%–5% of price
Transfer tax
0.86% of sale price, customarily paid by seller
Closing custom
escrow
Homestead exemption
Michigan's Principal Residence Exemption (PRE) exempts a qualifying primary residence from the local school district's operating millage — typically up to 18 mills ($18 per $1,000 of taxable value) — while county, city/township, and other non-school-operating millages still apply. On a home with $200,000 in taxable value, this saves roughly $3,600/year versus a non-homestead (e.g. second home or rental) property taxed at the full local rate. Not automatic — owners must file a PRE affidavit (Form 2368) with their local assessor, generally due by June 1 (for the current summer/winter tax bill) or November 1 (for a partial exemption on the winter bill only), and the property must be the owner's principal residence as of that date.

First-time buyer / down payment assistance programs

  • MSHDA MI Home Loan

    Michigan State Housing Development Authority's primary 30-year fixed-rate mortgage at below-market interest rates for first-time homebuyers statewide (first-time requirement waived in targeted areas); can be paired with MSHDA down payment assistance.

  • MSHDA MI 10K DPA Loan

    0%-interest, no-monthly-payment second mortgage providing up to $10,000 in down payment assistance statewide, repaid when the first mortgage is paid off, refinanced, or the home is sold. Must be paired with an MI Home Loan first mortgage.

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Affordability calculator

Income, savings, and debts in — max home price and qualification signal out.

PMI removal calculator

When your PMI is scheduled to end, by law and by request.

Mortgage points calculator

Should you buy down your rate? Break-even and lifetime cost comparison.

Related reading

Closing Costs in Michigan: What You'll Actually Pay

9 min read

Michigan stacks a state and a county transfer tax, but the seller customarily pays all $2,579 of it. Here's what a buyer really owes on a $299,900 Michigan home.

What Is PMI, and How Do You Get Rid of It?

15 min read

Private mortgage insurance explained in plain English — what it costs, why it exists, the exact federal rules for cancelling it, and how to work out the month your PMI is scheduled to end.

Guides & templates

Buying a Home With Someone Else

$4.99

The operational guide to buying property with a partner, friend, sibling, or parent — credit and DTI mechanics, title vesting, a clause-by-clause co-ownership agreement, and how the exit actually works.

The First-Time Buyer's Playbook: 12 Months to Closing Day

$4.99

A month-by-month plan for the year before you buy: what to do in each phase, what never to touch, how to document every dollar, and how to survive closing day.