Skip to contentNerdwallet icon

Michigan Mortgage Calculator

Use this free Michigan mortgage calculator to estimate your monthly mortgage payments and annual amortization.

Loan details

%

Monthly payment

$2,100

at 6.80% · 30-year fixed

  • Principal & interest

    $1,565

  • Property taxes

    $375

  • Homeowners insurance

    $160

Loan amount

$240,000

Total interest paid

$323,263

Payoff date

—

YOU'RE KEEPING $20,288

$20,288

stays in your pocket

That's your total savings over 30 years at today's best rate on NerdWallet (6.80%) vs. the 7.15% national average — $56 less every month.

  • Today's best rate: 6.80%

  • Get your free rate with no credit impact

Get my rate

No impact to your credit score

Calculated payments and savings are estimates. The calculator result does not constitute an offer for a loan and will not solicit a loan offer. Savings will depend on the actual amounts and rate for which you are approved, should you choose to apply.

Getting a Mortgage in Michigan

Written by 
,  Edited by 
 and 
Last updated November 19, 2025
Housing affordability varies by location, and national averages don’t always tell the full story. Pairing local housing data with a cost of living calculator helps show how everyday expenses can affect overall affordability.
In Michigan, mortgage costs tend to sit below national averages, even in higher-demand areas. For instance, in Kent County, home to Grand Rapids, the typical principal-and-interest payment in Q1 2025 was $1,959 for a median-priced home valued at $334,306, according to the National Association of Realtors. Nationally, the median was $2,120 on a $402,300 home.
That affordability hasn't gone unnoticed either — Realtor.com named the Grand Rapids metro area as one of its top housing markets for 2026, with home sales and prices expected to climb as more buyers move in.

Michigan mortgage and refinance rates today (APR)

ProductInterest rateAPR
30-year fixed-rate7.346%7.350%
20-year fixed-rate7.303%7.308%
15-year fixed-rate6.556%6.566%
10-year fixed-rate5.490%5.559%
7-year ARM7.667%7.331%
5-year ARM7.490%7.164%
30-year fixed-rate FHA5.375%6.092%
30-year fixed-rate VA6.654%7.000%
Data source: ©Zillow, Inc. 2006 – 2026. Use is subject to the Terms of Use

Today's rate

7.350%

30-year fixed

Today's mortgage rates in Michigan are 7.350% for a 30-year fixed, 6.566% for a 15-year fixed, and 7.164% for a 5-year adjustable-rate mortgage (ARM).

Michigan's first-time home buyer programs

The Michigan State Housing Development Authority offers several loan programs to help qualified first-time home buyers get a mortgage.
» MORE: First-time home buyer programs by state

Average property tax by county

Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Michigan. Because assessed values aren't frequently updated, you may pay a higher rate at first but eventually you'll pay a similar rate.

CountyAvg. property tax rateMedian home value
Alcona County0.88%$148,200
Alger County1.03%$156,500
Allegan County1.05%$255,100
Alpena County1.06%$128,000
Antrim County0.93%$199,800
Arenac County1.19%$118,200
Baraga County1.05%$121,700
Barry County1.01%$223,600
Bay County1.42%$139,900
Benzie County0.82%$243,600
Berrien County1.10%$221,700
Branch County1.14%$140,200
Calhoun County1.43%$156,300
Cass County0.95%$181,100
Charlevoix County0.91%$220,000
Cheboygan County0.94%$167,400
Chippewa County1.17%$142,000
Clare County1.04%$112,400
Clinton County1.24%$233,900
Crawford County1.10%$135,400
Delta County1.12%$139,200
Dickinson County1.35%$122,600
Eaton County1.42%$198,800
Emmet County0.91%$246,300
Genesee County1.35%$174,200
Gladwin County1.06%$140,600
Gogebic County1.30%$87,800
Grand Traverse County0.98%$335,900
Gratiot County1.17%$126,500
Hillsdale County0.96%$159,000
Houghton County1.23%$129,200
Huron County1.06%$129,500
Ingham County1.84%$186,200
Ionia County1.11%$199,500
Iosco County0.93%$118,400
Iron County1.21%$95,800
Isabella County1.18%$159,500
Jackson County1.16%$173,000
Kalamazoo County1.39%$236,300
Kalkaska County0.95%$152,800
Kent County1.15%$281,200
Keweenaw County1.03%$155,900
Lake County0.91%$117,100
Lapeer County0.86%$237,900
Leelanau County0.71%$371,200
Lenawee County1.21%$194,200
Livingston County0.99%$348,800
Luce County0.94%$104,600
Mackinac County0.96%$157,000
Macomb County1.32%$240,400
Manistee County1.06%$157,800
Marquette County1.06%$205,700
Mason County1.02%$181,200
Mecosta County0.99%$153,000
Menominee County0.98%$132,200
Midland County1.49%$186,800
Missaukee County0.87%$153,300
Monroe County1.04%$212,800
Montcalm County1.03%$183,400
Montmorency County0.96%$125,600
Muskegon County1.20%$182,400
Newaygo County1.04%$165,000
Oakland County1.31%$330,800
Oceana County1.04%$151,700
Ogemaw County0.96%$125,300
Ontonagon County1.15%$89,700
Osceola County0.98%$128,200
Oscoda County0.85%$122,500
Otsego County0.88%$178,400
Ottawa County1.08%$313,800
Presque Isle County0.96%$124,800
Roscommon County0.96%$133,400
Saginaw County1.35%$146,600
Sanilac County0.84%$149,300
Schoolcraft County0.93%$129,100
Shiawassee County1.17%$165,400
St. Clair County1.07%$219,400
St. Joseph County1.03%$152,800
Tuscola County1.17%$127,200
Van Buren County1.19%$191,300
Washtenaw County1.50%$364,600
Wayne County1.56%$173,500
Wexford County1.16%$146,100
Source: American Communities Survey 2022, U.S. Census

How to use the mortgage calculator

To use our mortgage calculator, add your details to the following fields:
1. Home price: What you're hoping to spend on a home.
2. ZIP code: The home's location.
3. Down payment: How much cash you're paying upfront towards the home's price. This calculator defaults to showing a 20% down payment, but you can adjust it up or down by changing the dollar amount or the percentage. This calculator assumes you're using a conventional loan, so it will automatically add private mortgage insurance if the down payment amount is less than 20%.
4. Loan term: The default is 30 years, but you can also choose a shorter term.
5. Interest rate: Use today's average APR, enter the rate you've been quoted or use the lowest APR NerdWallet partners are offering today.
That's the least you can do. To get more accurate results, fill in the following four categories. (Estimates are fine, but this goes over how to get more specific numbers.)
6. Property taxes (per year): This is autofilled with an estimate, but property taxes vary tremendously throughout the country. Get more precise by looking up the tax rate where you're planning to buy or looking at the tax history for the home you're interested in. You can change the property tax amount by editing the dollar amount or the percentage.
7. Homeowners insurance (per year): Mortgage lenders require borrowers to have homeowners insurance. Not sure what you might pay? This calculator puts in an estimate, but you can use NerdWallet's home insurance calculator to fine-tune it. All you need to know is the property location and the rough amount you'd be looking to insure — use the home's price as a proxy.
8. HOA fees: If the home is part of a homeowners association, put the monthly dues here. (The calculator default is no HOA costs.) This is also information you can likely crib from a home's listing. One other note, if there are HOA fees but you're going to pay them directly rather than with an escrow account, you can omit them here.
9. PMI (monthly): If you've entered a down payment amount under 20%, this will autofill, since the calculator assumes you're using a conventional loan. PMI is tied to your credit score, so if you want a more accurate figure, pop over to NerdWallet's PMI calculator. If you're using a VA loan, you can zero this out, since VA loans do not require mortgage insurance. On the other hand, if you're getting an FHA loan, you'll have to pay mortgage insurance premiums regardless of your down payment amount. For more accurate payment info, use our FHA mortgage calculator.
The calculator's results will update as you adjust the numbers in these fields. The results show you the monthly payment, as well as:
  • Loan amount: How much you're actually borrowing in principal.
  • Total interest paid: How much interest you will pay over the life of the mortgage if you keep it until its term ends. (Most people sell or refinance well before that point, but it's still interesting info.)
  • Payoff date: If you kept the same loan for its entire term, here's the month and year when you'd own the home free and clear.
There's also a simple annual amortization schedule. Amortization shows how your mortgage payment changes over time. Even though the principal and interest payment doesn't change with a fixed-rate mortgage, the percentage of that payment that's going toward each component does. At the beginning of the loan, more goes toward interest; the closer to the end of the loan's term, the more of the payment goes toward principal. If you want a more detailed month-by-month look, yes, NerdWallet has an amortization calculator, too.
Video thumbnail
CONSIDERING A REFI? If you're looking to see how much you could save by refinancing your mortgage, try NerdWallet's refinance calculator.
» MORE FOR CANADIAN READERS: Canada mortgage payment calculator