Mortgage on a $950K house in Michigan
$6,517 a month with 20% down — $5,113 principal and interest plus $929 property tax and $475 insurance.
Michigan's typical property tax is 1.17% of the home's value a year (U.S. average 0.9%), which adds $929 a month on a $950K home. The typical home in Michigan is worth $263,760, so $950K is 260% above the typical price.
$950K home in Michigan: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $190,000 | $760,000 | $5,113 | $0 | $1,404 | $6,517 | $279,300 |
| 10% down | $95,000 | $855,000 | $5,752 | $356 | $1,404 | $7,512 | $321,900 |
| 5% down | $47,500 | $902,500 | $6,071 | $376 | $1,404 | $7,851 | $336,500 |
| 3.5% down (FHA) | $33,250 | $932,793 | $6,275 | $420 | $1,404 | $8,099 | $347,100 |
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 $950K buy a typical home?
No Michigan county has a typical home value within 15% of $950K.
83 of 83 Michigan counties tracked by Zillow have a typical home value at or below $950K. See all Michigan home prices.
Other prices in Michigan
Frequently asked questions
What is the mortgage on a $950K house in Michigan?
About $6,517 a month with 20% down at 7.11%: $5,113 principal and interest, $929 property tax and $475 insurance.
How much do I need to make to buy a $950K house in Michigan?
About $279,300 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $950K house in Michigan?
At Michigan's typical effective rate of 1.17%, about $11,150 a year. Rates vary by county and city — see the county pages.