Michigan Mortgage Calculator
See your full monthly payment, not just principal and interest. This calculator from Tania Yatooma, a Swift Home Loans mortgage specialist with more than 10 years of mortgage experience, includes Michigan property taxes, insurance, PMI or FHA mortgage insurance, the VA funding fee and extra payments.
- Taxes & insurance included
- Conventional, FHA & VA
- Amortization schedule
- Free real quote
Get a Real Rate Quote
Calculators use example rates. Tania will quote your actual rate and payment, usually the same business day.
- Payment includes
- Principal, interest, taxes, insurance
- PMI
- Conventional under 20% down
- FHA limit (Oakland County)
- $541,287 (1-unit, 2026)
- Conforming limit
- $832,750 (1-unit, 2026)
Estimate Your Monthly Payment
Includes principal and interest, Michigan property taxes, homeowners insurance, mortgage insurance and HOA dues, plus an amortization schedule.
- Loan amount
- $0
- Total interest
- $0
- Payoff
- -
- Interest saved with extra
- $0
Estimate only, not a loan offer. Mortgage insurance is estimated. FHA upfront premium and VA funding fee are added to the loan.
Show yearly amortization schedule
| Year | Principal paid | Interest paid | Balance at year end |
|---|
The Five Parts of a Michigan Mortgage Payment
Principal
The part that pays down your loan balance and builds equity.
Interest
The cost of borrowing. Early payments are mostly interest.
Property taxes
Collected monthly in escrow and paid on Michigan's summer and winter bills.
Insurance
Homeowners insurance, plus flood insurance if the home is in a flood zone.
Mortgage insurance
PMI on conventional loans under 20% down, or FHA's annual premium. None on VA.
How Your Term Changes the Cost
A $400,000 loan at the Freddie Mac national average rates for the week of October 8, 2026:
| 30-year fixed | 15-year fixed | |
|---|---|---|
| Rate (Freddie Mac avg., Oct. 8, 2026) | 7.40% | 6.73% |
| Monthly principal & interest | $2,770 | $3,535 |
| Total interest over the loan | $597,027 | $236,337 |
| Interest saved with 15 years | — | $360,690 |
Rates change weekly and your rate depends on credit, down payment and loan type. Ask Tania for today's rates.
Ways to Reduce Your Monthly Payment
Put 20% down
Avoids PMI on a conventional loan. Below that, every extra 5% down can lower the PMI rate.
File your PRE
A Principal Residence Exemption (Form 2368) removes up to 18 mills of school operating taxes from your bill.
Ask about a buydown
A seller-paid temporary buydown can lower your rate for the first year or two.
Drop mortgage insurance later
Request PMI removal at 80% of original value, or refinance an FHA loan to conventional once you have the equity.
Mortgage Payment Questions
What does a mortgage payment include?
Most payments include principal and interest plus an escrow amount for property taxes and homeowners insurance, often called PITI. Depending on the loan, it may also include mortgage insurance, and condo or HOA dues are paid separately but count in your budget.
How are property taxes figured in a Michigan mortgage payment?
Your lender usually collects one-twelfth of your estimated annual property taxes each month and pays Michigan's summer and winter tax bills from escrow. After a purchase, taxes are based on the home's uncapped taxable value, which is often higher than what the seller paid.
When does PMI go away on a conventional loan?
You can ask to cancel private mortgage insurance once your balance reaches 80% of the home's original value, and it ends automatically at 78% if you're current on payments. Paying extra principal gets you there sooner.
How long do you pay FHA mortgage insurance?
For most FHA loans with less than 10% down, the annual mortgage insurance premium lasts for the life of the loan. With 10% or more down, it ends after 11 years. Many homeowners later refinance to a conventional loan to remove it.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage usually has a lower rate and costs far less interest, but the monthly payment is much higher. A 30-year loan keeps the payment lower and leaves room to prepay when you choose. The right answer depends on your budget and goals.
How much does paying extra each month save?
Extra principal payments reduce the balance that interest is charged on, so they can save tens of thousands of dollars and cut years off a 30-year loan. Enter an amount in the extra payment field of the calculator to see your savings.
More Guides and Calculators
Tania helps buyers and homeowners across Oakland County, Macomb County and Southeast Michigan. See all loan programs and service areas.
Want Your Actual Rate and Payment?
Calculators use example rates. Tania will quote real numbers for your purchase or refinance, usually the same day.