Before committing to homeownership in Michigan, make sure you know the current mortgage rates in the state. As of March 25, 2022, mortgage rates average 3.922% for a 15-year mortgage and 4.78% for a 30-year mortgage. You must also consider real estate taxes. Michigan is in the top half of states for the cost of property taxes at $3,343 a year. Its real estate tax rate is 1.54%.
You also have to consider many factors specific to you, including your financial situation, the down payment you have available and what loan term makes your monthly payment affordable, as well as fees, like homeowners association and insurance.
To obtain a personalized monthly mortgage payment estimate, use our Michigan mortgage calculator. You can adjust the above factors to uncover the mortgage that works for you, and directions are below on how and why to use the calculator.
We also include in this guide ways to lower your mortgage payment and what to do after estimating your payment to purchase a home.