Detroit, MI Mortgage Calculator
In Detroit, Michigan, the median home is around $90,000. With 20% down at 6.85% and Michigan's ~1.38% effective property-tax rate, the all-in monthly payment is roughly $601.54 including principal, interest, property tax, and insurance.
Payment breakdown
- Principal & interest$471.79
- Property tax$82.50
- Home insurance$26.25
Balance over time
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $753 | $4,909 | $71,247 |
| 2 | $806 | $4,855 | $70,441 |
| 3 | $863 | $4,798 | $69,578 |
| 4 | $924 | $4,737 | $68,654 |
| 5 | $989 | $4,672 | $67,665 |
| 6 | $1,059 | $4,602 | $66,605 |
| 7 | $1,134 | $4,527 | $65,471 |
| 8 | $1,214 | $4,447 | $64,257 |
| 9 | $1,300 | $4,361 | $62,957 |
| 10 | $1,392 | $4,269 | $61,565 |
| 11 | $1,491 | $4,171 | $60,074 |
| 12 | $1,596 | $4,066 | $58,478 |
| 13 | $1,709 | $3,953 | $56,769 |
| 14 | $1,830 | $3,832 | $54,940 |
| 15 | $1,959 | $3,703 | $52,981 |
| 16 | $2,097 | $3,564 | $50,884 |
| 17 | $2,246 | $3,416 | $48,638 |
| 18 | $2,404 | $3,257 | $46,234 |
| 19 | $2,574 | $3,087 | $43,659 |
| 20 | $2,756 | $2,905 | $40,903 |
| 21 | $2,951 | $2,710 | $37,952 |
| 22 | $3,160 | $2,502 | $34,792 |
| 23 | $3,383 | $2,278 | $31,409 |
| 24 | $3,622 | $2,039 | $27,787 |
| 25 | $3,878 | $1,783 | $23,909 |
| 26 | $4,153 | $1,509 | $19,756 |
| 27 | $4,446 | $1,215 | $15,310 |
| 28 | $4,760 | $901 | $10,550 |
| 29 | $5,097 | $565 | $5,453 |
| 30 | $5,453 | $204 | $0 |
Frequently asked questions
What's a typical mortgage payment in Detroit, MI?
On a median Detroit home (about $90,000) with 20% down at 6.85%, the full monthly payment is roughly $601.54 — principal, interest, Michigan property tax, and insurance.
How much do you need to earn to buy a home in Detroit?
Using the 28% housing rule, a $601.54 payment fits an income near $25,780 a year, before accounting for your other debts.
What are property taxes like in Detroit?
Michigan's effective property-tax rate averages about 1.38% of home value — roughly $1,242 a year on a $90,000 home. Local rates vary by county and city assessment.
Sources: Freddie Mac Primary Mortgage Market Survey; Tax Foundation — Property Taxes by State; Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.