Mortgage Calculator
Estimate your monthly payment on a Michigan home, including property taxes, homeowners insurance, PMI and HOA dues.
Know your numbers
Estimate your monthly payment, including Michigan property taxes, insurance and HOA fees. Change any number and the total updates instantly.
Michigan Mortgage Calculator
Estimate the monthly payment on a home in Macomb County, Oakland County or anywhere in Michigan, including property tax, insurance, PMI and HOA dues. Change any number and the total updates instantly.
Estimated monthly payment
$2,022.62 /mo
PMI is added because your down payment is under 20%. It is estimated at 0.5% of the loan amount per year.
Estimates only, for general planning. This is not a loan offer or pre-approval. Actual rates, taxes, insurance and mortgage insurance vary; the property tax default (1.6% of the price) estimates first-year taxes for a new owner who files Michigan's Principal Residence Exemption (homestead), based on typical Macomb County millage. Oakland County is often higher, about 1.7% to 2.0%, and a second home or rental (non-homestead) pays roughly 0.9% more. Talk with a licensed lender for exact figures.
Good to know for Michigan buyers
- Property taxes reset after you buy. In Michigan, a home's taxable value resets the year after it sells, so the seller's current tax bill is not what you will pay. Giovanna can help you estimate taxes for a specific home.
- File your Principal Residence Exemption. Michigan's homestead exemption lowers taxes on the home you live in. The tax default in this calculator (1.6% of the price) assumes you will file it. A second home or rental doesn't qualify and pays roughly 0.9% more.
- Budget for closing costs too. Buyers typically pay about 2% to 5% of the price at closing, on top of the down payment.
- Buying new construction? Your first tax bill may be based only on the land. Read Giovanna's new construction guide before you budget.
Questions about payments and taxes
How much are property taxes on a home I buy in Michigan?
Plan on roughly 1.5% to 2% of the purchase price per year for a home you live in. In Michigan, a home's taxable value resets the year after it sells, so the seller's tax bill is usually lower than yours will be. Your actual taxes depend on the city or township, the school district and the home's taxable value.
What is the difference between homestead and non-homestead taxes?
If the home is your primary residence and you file Michigan's Principal Residence Exemption, you're exempt from most of the local school operating tax. A second home or rental doesn't qualify and pays roughly 0.9% more of the price each year.
Are property taxes higher in Oakland County than in Macomb County?
Often, yes. Typical first-year taxes for a homestead buyer run about 1.5% to 1.6% of the price in Macomb Township and Shelby Township, and about 1.7% to 2.0% in many Oakland County communities. Change the property tax amount in the calculator to match the home you're considering.
Is this calculator a loan estimate?
No. It's a planning tool. For exact figures, get pre-approved with a licensed lender, and ask Giovanna for a tax estimate on a specific home.
Next steps: Giovanna's guide to buying a home in Macomb County · Buying new construction · New construction communities
Want a real number for a real home?
Giovanna can estimate taxes, HOA dues and closing costs for a specific home or community, and connect you with a lender for pre-approval.