Mortgage on a $450K house in Michigan
$3,087 a month with 20% down — $2,422 principal and interest plus $440 property tax and $225 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $440 a month on a $450K home. The typical home in Michigan is worth $263,760, so $450K is 71% above the typical price.
$450K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $90,000 | $360,000 | $2,422 | $0 | $665 | $3,087 | $132,300 |
| 10% down | $45,000 | $405,000 | $2,724 | $169 | $665 | $3,558 | $152,500 |
| 5% down | $22,500 | $427,500 | $2,876 | $178 | $665 | $3,719 | $159,400 |
| 3.5% down (FHA) | $15,750 | $441,849 | $2,972 | $199 | $665 | $3,837 | $164,400 |
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 $450K buy a typical home?
In these counties the typical home value is within 15% of $450K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Emmet County | $437,678 | 0.83% | $2,960 |
| Grand Traverse County | $417,443 | 0.89% | $2,979 |
| Charlevoix County | $413,637 | 0.9% | $2,984 |
| Washtenaw County | $411,983 | 1.52% | $3,216 |
| Benzie County | $406,697 | 0.79% | $2,944 |
| Livingston County | $402,827 | 0.97% | $3,010 |
| Ottawa County | $397,062 | 1.02% | $3,031 |
82 of 83 Michigan counties tracked by Zillow have a typical home value at or below $450K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $450K house in Michigan?
About $3,087 a month with 20% down at 7.11%: $2,422 principal and interest, $440 property tax and $225 insurance.
How much do I need to make to buy a $450K house in Michigan?
About $132,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $450K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $5,281 a year. Rates vary by county and city — see the county pages.