Mortgage on a $150K house in Michigan
$1,029 a month with 20% down — $807 principal and interest plus $147 property tax and $75 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $147 a month on a $150K home. The typical home in Michigan is worth $263,760, so $150K is 43% below the typical price.
$150K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $30,000 | $120,000 | $807 | $0 | $222 | $1,029 | $44,100 |
| 10% down | $15,000 | $135,000 | $908 | $56 | $222 | $1,186 | $50,800 |
| 5% down | $7,500 | $142,500 | $959 | $59 | $222 | $1,240 | $53,100 |
| 3.5% down (FHA) | $5,250 | $147,283 | $991 | $66 | $222 | $1,279 | $54,800 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.17% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Michigan does $150K buy a typical home?
In these counties the typical home value is within 15% of $150K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Iron County | $153,417 | 1.34% | $1,050 |
| Oscoda County | $145,292 | 0.94% | $999 |
| Clare County | $159,525 | 1.11% | $1,021 |
| Luce County | $139,950 | 0.98% | $1,005 |
| Ontonagon County | $134,619 | 1.16% | $1,027 |
| Lake County | $165,696 | 1.09% | $1,018 |
| Gogebic County | $132,435 | 1.43% | $1,061 |
| Arenac County | $170,538 | 1.13% | $1,024 |
| Iosco County | $172,299 | 0.96% | $1,002 |
4 of 83 Michigan counties tracked by Zillow have a typical home value at or below $150K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $150K house in Michigan?
About $1,029 a month with 20% down at 7.11%: $807 principal and interest, $147 property tax and $75 insurance.
How much do I need to make to buy a $150K house in Michigan?
About $44,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $150K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $1,760 a year. Rates vary by county and city — see the county pages.