Mortgage on a $350K house in Michigan
$2,401 a month with 20% down — $1,884 principal and interest plus $342 property tax and $175 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $342 a month on a $350K home. The typical home in Michigan is worth $263,760, so $350K is 33% above the typical price.
$350K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $517 | $2,401 | $102,900 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $517 | $2,768 | $118,600 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $517 | $2,893 | $124,000 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $517 | $2,984 | $127,900 |
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 $350K buy a typical home?
In these counties the typical home value is within 15% of $350K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Antrim County | $348,970 | 0.84% | $2,305 |
| Kent County | $353,407 | 1.11% | $2,382 |
| Allegan County | $346,459 | 1.08% | $2,374 |
| Oakland County | $365,826 | 1.27% | $2,430 |
| Clinton County | $314,333 | 1.23% | $2,417 |
| Ottawa County | $397,062 | 1.02% | $2,357 |
| Barry County | $301,131 | 1.05% | $2,364 |
73 of 83 Michigan counties tracked by Zillow have a typical home value at or below $350K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $350K house in Michigan?
About $2,401 a month with 20% down at 7.11%: $1,884 principal and interest, $342 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Michigan?
About $102,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $4,108 a year. Rates vary by county and city — see the county pages.