Typical Michigan mortgage payment
The median home price in Michigan is roughly $240,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $1,898 | $1,288 |
| 5.50% | $1,961 | $1,363 |
| 6.00% | $2,025 | $1,439 |
| 6.50% | $2,091 | $1,517 |
| 7.00% | $2,157 | $1,597 |
| 7.50% | $2,225 | $1,678 |
| 8.00% | $2,294 | $1,761 |
At 6.50% over 30 years, a $240,000 home in Michigan costs about $1,517/month in principal & interest.
What affects your Michigan payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.