Mortgage on a $400K house in Michigan
$2,744 a month with 20% down — $2,153 principal and interest plus $391 property tax and $200 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $391 a month on a $400K home. The typical home in Michigan is worth $263,760, so $400K is 52% above the typical price.
$400K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $80,000 | $320,000 | $2,153 | $0 | $591 | $2,744 | $117,600 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $591 | $3,163 | $135,600 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $591 | $3,306 | $141,700 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $591 | $3,410 | $146,200 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Livingston County | $402,827 | 0.97% | $2,675 |
| Ottawa County | $397,062 | 1.02% | $2,694 |
| Benzie County | $406,697 | 0.79% | $2,617 |
| Washtenaw County | $411,983 | 1.52% | $2,859 |
| Charlevoix County | $413,637 | 0.9% | $2,653 |
| Grand Traverse County | $417,443 | 0.89% | $2,648 |
| Oakland County | $365,826 | 1.27% | $2,777 |
| Emmet County | $437,678 | 0.83% | $2,631 |
| Kent County | $353,407 | 1.11% | $2,723 |
| Antrim County | $348,970 | 0.84% | $2,634 |
| Allegan County | $346,459 | 1.08% | $2,713 |
76 of 83 Michigan counties tracked by Zillow have a typical home value at or below $400K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $400K house in Michigan?
About $2,744 a month with 20% down at 7.11%: $2,153 principal and interest, $391 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Michigan?
About $117,600 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $4,695 a year. Rates vary by county and city — see the county pages.