Mortgage on a $250K house in Michigan
$1,715 a month with 20% down — $1,345 principal and interest plus $245 property tax and $125 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $245 a month on a $250K home. The typical home in Michigan is worth $263,760, so $250K is 5% below the typical price.
$250K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $50,000 | $200,000 | $1,345 | $0 | $370 | $1,715 | $73,500 |
| 10% down | $25,000 | $225,000 | $1,514 | $94 | $370 | $1,977 | $84,700 |
| 5% down | $12,500 | $237,500 | $1,598 | $99 | $370 | $2,066 | $88,500 |
| 3.5% down (FHA) | $8,750 | $245,472 | $1,651 | $111 | $370 | $2,131 | $91,300 |
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 $250K buy a typical home?
In these counties the typical home value is within 15% of $250K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Cheboygan County | $253,004 | 0.89% | $1,655 |
| Newaygo County | $253,533 | 1.1% | $1,700 |
| Oceana County | $253,550 | 1.01% | $1,680 |
| Midland County | $245,098 | 1.47% | $1,777 |
| Muskegon County | $255,234 | 1.18% | $1,717 |
| Lenawee County | $242,871 | 1.27% | $1,734 |
| Otsego County | $257,304 | 0.8% | $1,637 |
| Mackinac County | $242,475 | 1.07% | $1,693 |
| Montcalm County | $241,951 | 1.01% | $1,681 |
| Eaton County | $259,014 | 1.41% | $1,765 |
| Saint Clair County | $259,356 | 1.14% | $1,708 |
| Manistee County | $260,685 | 1.04% | $1,687 |
51 of 83 Michigan counties tracked by Zillow have a typical home value at or below $250K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $250K house in Michigan?
About $1,715 a month with 20% down at 7.11%: $1,345 principal and interest, $245 property tax and $125 insurance.
How much do I need to make to buy a $250K house in Michigan?
About $73,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $250K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $2,934 a year. Rates vary by county and city — see the county pages.