Mortgage on a $1M house in Michigan
$6,860 a month with 20% down — $5,382 principal and interest plus $978 property tax and $500 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $978 a month on a $1M home. The typical home in Michigan is worth $263,760, so $1M is 279% above the typical price.
$1M home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $200,000 | $800,000 | $5,382 | $0 | $1,478 | $6,860 | $294,000 |
| 10% down | $100,000 | $900,000 | $6,054 | $375 | $1,478 | $7,907 | $338,900 |
| 5% down | $50,000 | $950,000 | $6,391 | $396 | $1,478 | $8,265 | $354,200 |
| 3.5% down (FHA) | $35,000 | $981,888 | $6,605 | $442 | $1,478 | $8,526 | $365,400 |
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 $1M buy a typical home?
No Michigan county has a typical home value within 15% of $1M.
83 of 83 Michigan counties tracked by Zillow have a typical home value at or below $1M. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $1M house in Michigan?
About $6,860 a month with 20% down at 7.11%: $5,382 principal and interest, $978 property tax and $500 insurance.
How much do I need to make to buy a $1M house in Michigan?
About $294,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $1M house in Michigan?
At Michigan's typical effective rate of 1.17%, about $11,737 a year. Rates vary by county and city — see the county pages.