Michigan mortgage calculator

30-year fixed mortgage calculator with Michigan-specific defaults. Median home price $240,000 · property tax effective rate 1.45%. All inputs update live; share your scenario as a URL.

Median home price reconciled 2026-04-22. Source: Zillow Home Value Index, state-level.

Your loan

Home price

$100k$2M

Down payment$48,000

Interest rate30-yr avg: 6.875%

Loan term

Taxes & insurance

(optional, but realistic)

State

Michigan

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Property tax rate

~$290 per month

Homeowner insurance

HOA dues (if any)

PMI required. With 20% down (LTV 80.0%), private mortgage insurance is added at 0.50% of the loan annually — that's $80/month. PMI auto-removes at month 28 (78% LTV, per the Homeowners Protection Act).

Extra payments

(optional — accelerate payoff)

Biweekly paymentsPay half the monthly amount every two weeks (26 half-payments per year ≈ 13 monthly equivalents). Typically saves 4-7 years and tens of thousands in interest on a 30-year loan.

Extra each month

Applied as additional principal every month.

One-time lump sum

Single payment toward principal at the specified month (e.g. tax refund or bonus).

Estimated monthly payment

For a $240,000 home, 20% down, 6.875% APR, 30-year fixed in Michigan.

Where your payment goes

Principal & interest$1,261

Property tax$290

Homeowner insurance$145

PMI$80

Loan amount

$192,000

Total interest

$262,069

Total paid

$454,069

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How your balance falls over time

The crossover point — where more of each payment goes to principal than interest — is at year 20.

BalanceInterest paidPrincipal paid

Amortization schedule

Year-by-year breakdown of every payment.

Period	Payment	Principal	Interest	Total interest paid	Balance
Y01Year 1	$15,136	$1,998	$13,138	$13,138	$190,002
Y02Year 2	$15,136	$2,140	$12,996	$26,134	$187,863
Y03Year 3	$15,136	$2,291	$12,844	$38,978	$185,571
Y04Year 4	$15,136	$2,454	$12,682	$51,660	$183,117
Y05Year 5	$15,136	$2,628	$12,508	$64,167	$180,489
Y06Year 6	$15,136	$2,815	$12,321	$76,488	$177,675
Y07Year 7	$15,136	$3,014	$12,121	$88,610	$174,660
Y08Year 8	$15,136	$3,228	$11,907	$100,517	$171,432
Y09Year 9	$15,136	$3,457	$11,678	$112,195	$167,975
Y10Year 10	$15,136	$3,703	$11,433	$123,628	$164,272
Y11Year 11	$15,136	$3,965	$11,170	$134,799	$160,307
Y12Year 12	$15,136	$4,247	$10,889	$145,688	$156,060
Y13Year 13	$15,136	$4,548	$10,588	$156,275	$151,512
Y14Year 14	$15,136	$4,871	$10,265	$166,540	$146,641
Y15Year 15	$15,136	$5,216	$9,919	$176,459	$141,425
Y16Year 16	$15,136	$5,587	$9,549	$186,009	$135,838
Y17Year 17	$15,136	$5,983	$9,153	$195,161	$129,855
Y18Year 18	$15,136	$6,407	$8,728	$203,889	$123,448
Y19Year 19	$15,136	$6,862	$8,273	$212,163	$116,586
Y20Year 20	$15,136	$7,349	$7,787	$219,949	$109,237
Y21Year 21	$15,136	$7,871	$7,265	$227,214	$101,366
Y22Year 22	$15,136	$8,429	$6,707	$233,921	$92,937
Y23Year 23	$15,136	$9,027	$6,108	$240,030	$83,910
Y24Year 24	$15,136	$9,668	$5,468	$245,498	$74,242
Y25Year 25	$15,136	$10,354	$4,782	$250,279	$63,888
Y26Year 26	$15,136	$11,088	$4,047	$254,327	$52,800
Y27Year 27	$15,136	$11,875	$3,260	$257,587	$40,925
Y28Year 28	$15,136	$12,718	$2,418	$260,005	$28,207
Y29Year 29	$15,136	$13,620	$1,515	$261,520	$14,587
Y30Year 30	$15,136	$14,587	$549	$262,069	$0

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Michigan — related

Michigan income tax

Top marginal 4.25% · Flat rate

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Compare scenarios

Up to three mortgage scenarios side-by-side with a differential row.

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National 30-year fixed

Same calculator with cross-state defaults; manually pick any state.

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Last updated 2026-05-13