Mortgage on a $200K house in Michigan
$1,372 a month with 20% down — $1,076 principal and interest plus $196 property tax and $100 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $196 a month on a $200K home. The typical home in Michigan is worth $263,760, so $200K is 24% below the typical price.
$200K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $40,000 | $160,000 | $1,076 | $0 | $296 | $1,372 | $58,800 |
| 10% down | $20,000 | $180,000 | $1,211 | $75 | $296 | $1,581 | $67,800 |
| 5% down | $10,000 | $190,000 | $1,278 | $79 | $296 | $1,653 | $70,800 |
| 3.5% down (FHA) | $7,000 | $196,378 | $1,321 | $88 | $296 | $1,705 | $73,100 |
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 $200K buy a typical home?
In these counties the typical home value is within 15% of $200K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Osceola County | $200,793 | 1.02% | $1,346 |
| Huron County | $201,120 | 1.19% | $1,374 |
| Sanilac County | $201,517 | 0.9% | $1,327 |
| Chippewa County | $196,951 | 1.26% | $1,386 |
| Houghton County | $196,480 | 1.16% | $1,370 |
| Delta County | $203,915 | 1.13% | $1,364 |
| Schoolcraft County | $195,805 | 0.99% | $1,342 |
| Genesee County | $195,727 | 1.36% | $1,404 |
| Alcona County | $194,373 | 0.82% | $1,314 |
| Branch County | $206,792 | 1.16% | $1,369 |
| Alpena County | $193,096 | 1.06% | $1,354 |
| Roscommon County | $191,859 | 1.01% | $1,345 |
29 of 83 Michigan counties tracked by Zillow have a typical home value at or below $200K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $200K house in Michigan?
About $1,372 a month with 20% down at 7.11%: $1,076 principal and interest, $196 property tax and $100 insurance.
How much do I need to make to buy a $200K house in Michigan?
About $58,800 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $200K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $2,347 a year. Rates vary by county and city — see the county pages.