Mortgage Calculator Michigan

If you're looking for a reliable mortgage calculator Michigan, you're in the right place. Our advanced mortgage calculator Michigan is a powerful tool to estimate your mortgage payments accurately.

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Principal & Interest 1421

Monthly Taxes 1421

Monthly HOA 1421

Monthly Insurance 1421

Whether you're planning to buy a new home or refinance in Michigan, our Michigan mortgage calculator is here to assist you. Simply input your loan amount, interest rate, and loan term, and our MI mortgage calculator will provide you with detailed information about your monthly payments.

Take advantage of our user-friendly mortgage calculator Michigan 3600 and gain valuable insights into your home financing options. Start using our Michigan mortgage calculator today and make informed decisions about your mortgage journey.

mortgage calculator Michigan

Michigan Mortgage Rates

As of August 1, 2023, current mortgage rates in Michigan are:

  • 30-year fixed: 7.24%
  • 15-year fixed: 6.58%
  • 5-year ARM: 6.82%
  • 7-year ARM: 7.02%
  • 10-year ARM: 7.12%

These rates are based on a conventional loan with a 20% down payment and a credit score of 740. Here are some examples of each month on a $300,000 mortgage with these rates:

  • 30-year fixed: $2,348
  • 15-year fixed: $1,636
  • 5-year ARM: $2,276
  • 7-year ARM: $2,344
  • 10-year ARM: $2,412

Current Mortgage Rates In Grand Rapids

As of August 1, 2023, current mortgage rates in Grand Rapids, MI are:

30-year fixed: 6.939%

15-year fixed: 5.971%

5-year ARM: 7.577%

7-year ARM: 7.777%

10-year ARM: 7.877%

These rates are based on a conventional loan with a 20% down payment and a credit score of 740. Here are some examples of how much you would pay each month on a $300,000 mortgage with these rates:

  • 30-year fixed: $2,327
  • 15-year fixed: $1,615
  • 5-year ARM: $2,245
  • 7-year ARM: $2,313
  • 10-year ARM: $2,381

Please note that these are just estimates and your actual monthly payment may be higher or lower.

Quick Learn Here: Early Payment Mortgage Calculator

Closing Cost Calculator Michigan

A closing cost calculator Michigan is a tool that helps you estimate the closing costs you will incur when buying a home in Michigan. Closing costs are the fees and expenses associated with the purchase of a home, and they can vary depending on the location of the property, the type of loan you are getting, and your down payment amount.


A closing cost calculator Michigan will typically ask you for information about the purchase price of the home, your down payment amount, the type of loan you are getting, and your credit score. It will then use this information to estimate the closing costs you will incur. Closing costs typically range from 2% to 6% of the purchase price of the home, but they can be higher in some cases. The most common closing costs include:

  1. Appraisal fee
  2. Title insurance
  3. Lender origination fees
  4. Recording fees
  5. Property taxes
  6. Homeowners insurance
  7. Prepaid interest

Average Monthly Mortgage Payment In Michigan

The average monthly mortgage payment in Michigan is $1,031. This is based on a 30-year fixed-rate mortgage with a 20% down payment. The actual monthly payment will vary depending on the loan amount, interest rate, and down payment.


Here are some examples of monthly mortgage payments in Michigan:

  1. $300,000 loan with a 20% down payment: $1,031
  2. $400,000 loan with a 20% down payment: $1,442
  3. $500,000 loan with a 20% down payment: $1,853


Here are some factors that can affect your monthly mortgage payment:

Loan amount: The larger the loan amount, the higher your monthly payment will be.

Interest rate: If the higher the interest rate, the higher your monthly payment will be.

Down payment: If the larger your down payment, the lower your monthly payment will be.

Term: The longer the term of your mortgage, the lower your monthly payment will be.

Property taxes: Property taxes are typically escrowed with your mortgage payment. The higher your property taxes, the higher your monthly payment will be.

Homeowners insurance: Homeowners insurance is typically escrowed with your mortgage payment. The higher your homeowners insurance, the higher your monthly payment will be.

More Clickable Info: Mortgage Rates In North Carolina 

Mortgage Payment Calculator Michigan

A mortgage payment calculator Michigan is a tool that helps you estimate your monthly mortgage payment. It can be a helpful tool for figuring out how much home you can afford and how much you will need to save for a down payment.

FHA Mortgage Rates Michigan

FHA mortgage rates Michigan are the interest rates offered by lenders on FHA-insured mortgages in Michigan. FHA mortgages are a type of government-backed mortgage that are available to borrowers with lower credit scores and down payment requirements than conventional mortgages.

The current FHA mortgage rates Michigan are:

  1. 30-year fixed: 7.24%
  2. 15-year fixed: 6.58%
  3. 5-year ARM: 6.82%
  4. 7-year ARM: 7.02%
  5. 10-year ARM: 7.12%

These rates are based on a conventional loan with a 20% down payment and a credit score of 740.

For More Click Here: Mortgage Calculator North Carolina 

Mortgage Calculator Michigan-FAQs:

What is the meaning of FHA loan in Michigan?

A government-backed mortgage that allows borrowers with lower credit scores to buy a home with a down payment of as little as 3.5%.

What do first time home buyers get in Michigan?

A variety of down payment assistance programs, tax breaks, and other incentives.

How much do you need for a down payment on a house in Michigan?

As little as 3.5% with an FHA loan, or 20% for a conventional loan.

How to buy a house in Michigan with no money down?

You can use an FHA loan with a down payment of 3.5%, or a VA loan with no down payment if you are a veteran or active duty military member.

Does Michigan have PMI?

Yes, Michigan has private mortgage insurance (PMI), which is required on most loans with a down payment of less than 20%.

Mortgage Calculator Michigan