Michigan mortgage calculator
Estimated monthly cost
$3,054
Principal, interest, taxes, insurance and dues. An estimate, not a loan quote.
- Principal and interest
- $2,146.72
- Property tax
- $583.33
- Homeowner's insurance
- $166.67
- Mortgage insurance
- $157.50
- Total each month
- $3,054.22
Over the loan
- Loan amount
- $315,000
- Interest over 30 years
- $457,818
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $25,761 | $22,706 | $3,055 | $311,945 |
| 2 | $25,761 | $22,477 | $3,283 | $308,662 |
| 3 | $25,761 | $22,232 | $3,529 | $305,133 |
| 4 | $25,761 | $21,967 | $3,793 | $301,340 |
| 5 | $25,761 | $21,683 | $4,077 | $297,262 |
| 6 | $25,761 | $21,378 | $4,382 | $292,880 |
| 7 | $25,761 | $21,050 | $4,710 | $288,170 |
| 8 | $25,761 | $20,698 | $5,063 | $283,107 |
| 9 | $25,761 | $20,319 | $5,442 | $277,665 |
| 10 | $25,761 | $19,911 | $5,849 | $271,815 |
| 11 | $25,761 | $19,474 | $6,287 | $265,528 |
| 12 | $25,761 | $19,003 | $6,758 | $258,771 |
| 13 | $25,761 | $18,497 | $7,264 | $251,507 |
| 14 | $25,761 | $17,953 | $7,807 | $243,700 |
| 15 | $25,761 | $17,369 | $8,392 | $235,308 |
| 16 | $25,761 | $16,741 | $9,020 | $226,289 |
| 17 | $25,761 | $16,066 | $9,695 | $216,594 |
| 18 | $25,761 | $15,340 | $10,421 | $206,173 |
| 19 | $25,761 | $14,560 | $11,201 | $194,973 |
| 20 | $25,761 | $13,722 | $12,039 | $182,934 |
| 21 | $25,761 | $12,821 | $12,940 | $169,994 |
| 22 | $25,761 | $11,852 | $13,909 | $156,085 |
| 23 | $25,761 | $10,811 | $14,950 | $141,135 |
| 24 | $25,761 | $9,692 | $16,069 | $125,067 |
| 25 | $25,761 | $8,489 | $17,271 | $107,795 |
| 26 | $25,761 | $7,196 | $18,564 | $89,231 |
| 27 | $25,761 | $5,807 | $19,954 | $69,277 |
| 28 | $25,761 | $4,313 | $21,447 | $47,830 |
| 29 | $25,761 | $2,708 | $23,053 | $24,777 |
| 30 | $25,759 | $982 | $24,777 | $0 |
Month by month
How we figure it
- Principal and interest
- The standard loan formula on the price less your down payment. The rate shown is Freddie Mac's weekly average, as an example; your lender sets yours.
- Property tax
- Half the price times your total mills, divided by 1,000, then by 12. We use half the price because a sale resets taxable value to state equalized value the next year, and that is generally about half of market value. Your assessor sets the real figure.
- Your millage
- From Michigan Treasury's 2025 report for Oakland, Macomb and Wayne, including ad valorem special assessments. Rates differ inside one city, so we ask for the school district. Treasury's small transfer areas are not listed. Elsewhere in Michigan, enter your mills.
- Insurance and dues
- The insurance figure is an example until you have a quote. Mortgage insurance appears under 20% down, with an example you can replace.
A worked example
| Principal and interest | $2,146.72 |
|---|---|
| Property tax | $583.33 |
| Homeowner's insurance | $166.67 |
| Mortgage insurance, example | $157.50 |
| Total each month | $3,054.22 |
| Avondale School District | $6,039 |
|---|---|
| Birmingham Public Schools | $6,095 |
| Bloomfield Hills Schools | $5,991 |
| Lamphere Public Schools | $7,395 |
| Royal Oak Schools | $5,360 |
| Troy School District | $6,308 |
| Warren Consolidated Schools | $6,289 |
Questions
How is property tax figured in Michigan?
Taxable value times the total mills, divided by 1,000. A home's taxable value resets to its state equalized value the year after it sells, and that is generally about half of market value. So a quick estimate is half the price times your mills, divided by 1,000.
Why could my taxes be higher than the seller's?
Taxable value is capped while someone owns a home, so it can fall well below market value over the years. A sale lifts the cap the following year, and your bill is figured on the higher value.
What is the Principal Residence Exemption?
It exempts a home you own and live in from up to 18 mills of school operating taxes. It is not automatic: you file Form 2368 with your city or township.
What does mortgage insurance cost?
Lenders usually require it when you put less than 20% down. Freddie Mac says to expect about $30 to $70 a month for each $100,000 borrowed. Your lender will quote your own figure.
Does Raven offer mortgages?
No. We don't make or arrange loans, and we don't quote rates. This calculator shows what a payment looks like; a lender's Loan Estimate shows what yours would be.
Sources
- Michigan Treasury, 2025 Total Property Tax Rates, 2025 rates
- MCL 211.27a, taxable value and uncapping
- Freddie Mac, Primary Mortgage Market Survey, October 29, 2026
- Freddie Mac, breaking down PMI
Checked October 31, 2026.
Have an agent check these numbers
A Raven agent will go over your figures against your home and your market, and tell you which lines to firm up. Your numbers come with this form.
Estimate only, not a loan offer, a rate quote or a preapproval. We don't make or arrange loans. Tax rates change each year and your assessor sets the taxable value. General information, not legal, tax or financial advice.