Michigan mortgage calculator
See your real monthly payment ... not just principal and interest, but taxes, insurance, and PMI too. Adjust the numbers and watch it update live.
Under 20% down ... PMI is included in your estimate.
Estimated monthly payment
$2,285
on a $270,000 loan
- Principal & interest$1,707/mo
- Property tax$338/mo
- Home insurance$117/mo
- PMI$124/mo
Estimate only ... not a loan offer or approval. Actual rate, taxes, insurance, and PMI vary. Talk to a lender for real numbers.
First-time buyers
Think you need a fortune to buy? You probably don’t.
Most people overestimate the cash it takes to get into a home. There are real ways to buy with far less up front ... and helping you find the right one is what we do.
- As little as 3–3.5% down with FHA and first-time conventional loans
- Down payment assistance ... some Metro Detroit programs up to $25,000
- $0-down options for those who qualify (VA and USDA rural)
- First-time buyer programs + the Michigan First-Time Home Buyer Savings Account
What’s in your monthly payment
- Principal & interest ... paying down the loan plus the cost of borrowing.
- Property taxes ... Michigan averages roughly 1.3–1.5% of value a year; your city and the Homestead Exemption matter.
- Homeowners insurance ... protects the home; lenders require it.
- PMI ... added when you put less than 20% down; it drops off as you build equity.
- HOA dues ... only some communities and condos.
Ready for real numbers?
A calculator is a great start, but a lender can get you an actual rate and a pre-approval ... and we can point you to a trusted one. First-time buyer? You may qualify for down payment assistance too.