Mortgage on a $300K house in Michigan
$2,058 a month with 20% down — $1,614 principal and interest plus $293 property tax and $150 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $293 a month on a $300K home. The typical home in Michigan is worth $263,760, so $300K is 14% above the typical price.
$300K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $443 | $2,058 | $88,200 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $443 | $2,372 | $101,700 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $443 | $2,479 | $106,300 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $443 | $2,558 | $109,600 |
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 $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Barry County | $301,131 | 1.05% | $2,027 |
| Lapeer County | $296,879 | 0.92% | $1,995 |
| Clinton County | $314,333 | 1.23% | $2,071 |
| Berrien County | $281,193 | 1.08% | $2,035 |
| Kalamazoo County | $273,812 | 1.45% | $2,126 |
| Van Buren County | $272,490 | 1.23% | $2,072 |
| Monroe County | $270,412 | 1.16% | $2,054 |
| Macomb County | $267,474 | 1.4% | $2,113 |
| Mason County | $267,052 | 1.06% | $2,030 |
| Cass County | $266,388 | 0.97% | $2,007 |
| Ionia County | $264,748 | 1.13% | $2,046 |
| Marquette County | $262,677 | 0.97% | $2,008 |
69 of 83 Michigan counties tracked by Zillow have a typical home value at or below $300K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $300K house in Michigan?
About $2,058 a month with 20% down at 7.11%: $1,614 principal and interest, $293 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Michigan?
About $88,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $3,521 a year. Rates vary by county and city — see the county pages.