Mortgage on a $550K house in Michigan
$3,773 a month with 20% down — $2,960 principal and interest plus $538 property tax and $275 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $538 a month on a $550K home. The typical home in Michigan is worth $263,760, so $550K is 109% above the typical price.
$550K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $110,000 | $440,000 | $2,960 | $0 | $813 | $3,773 | $161,700 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $813 | $4,349 | $186,400 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $813 | $4,546 | $194,800 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $813 | $4,689 | $201,000 |
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 $550K buy a typical home?
No Michigan county has a typical home value within 15% of $550K.
82 of 83 Michigan counties tracked by Zillow have a typical home value at or below $550K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $550K house in Michigan?
About $3,773 a month with 20% down at 7.11%: $2,960 principal and interest, $538 property tax and $275 insurance.
How much do I need to make to buy a $550K house in Michigan?
About $161,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $6,455 a year. Rates vary by county and city — see the county pages.