Detroit Mortgage Calculator
Estimate your monthly mortgage payment in Detroit, MI. On the local median home value of $85,000 — with a 20% down payment at today's rates — expect a total monthly payment (principal, interest, taxes, and insurance) of about $639. Adjust every input for your situation.
Monthly Breakdown
- Principal & Interest$430
- Property Tax$109
- Home Insurance$100
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $5,158 | $760 | $4,398 | $67,240 |
| 2 | $5,158 | $811 | $4,347 | $66,429 |
| 3 | $5,158 | $865 | $4,292 | $65,564 |
| 4 | $5,158 | $923 | $4,234 | $64,641 |
| 5 | $5,158 | $985 | $4,173 | $63,655 |
| 6 | $5,158 | $1,051 | $4,107 | $62,604 |
| 7 | $5,158 | $1,121 | $4,036 | $61,483 |
| 8 | $5,158 | $1,197 | $3,961 | $60,287 |
| 9 | $5,158 | $1,277 | $3,881 | $59,010 |
| 10 | $5,158 | $1,362 | $3,796 | $57,648 |
| 11 | $5,158 | $1,453 | $3,704 | $56,194 |
| 12 | $5,158 | $1,551 | $3,607 | $54,644 |
| 13 | $5,158 | $1,655 | $3,503 | $52,989 |
| 14 | $5,158 | $1,765 | $3,392 | $51,224 |
| 15 | $5,158 | $1,884 | $3,274 | $49,340 |
| 16 | $5,158 | $2,010 | $3,148 | $47,330 |
| 17 | $5,158 | $2,144 | $3,013 | $45,186 |
| 18 | $5,158 | $2,288 | $2,870 | $42,898 |
| 19 | $5,158 | $2,441 | $2,717 | $40,457 |
| 20 | $5,158 | $2,605 | $2,553 | $37,852 |
| 21 | $5,158 | $2,779 | $2,379 | $35,073 |
| 22 | $5,158 | $2,965 | $2,192 | $32,108 |
| 23 | $5,158 | $3,164 | $1,994 | $28,944 |
| 24 | $5,158 | $3,376 | $1,782 | $25,569 |
| 25 | $5,158 | $3,602 | $1,556 | $21,967 |
| 26 | $5,158 | $3,843 | $1,315 | $18,124 |
| 27 | $5,158 | $4,100 | $1,057 | $14,023 |
| 28 | $5,158 | $4,375 | $783 | $9,649 |
| 29 | $5,158 | $4,668 | $490 | $4,981 |
| 30 | $5,158 | $4,981 | $177 | $0 |
Swipe the table sideways to see all columns →
How to use this calculator
The Home Price field is pre-filled with the median home value in Detroit (about $85,000). Override with your target home's actual price to get a payment estimate for that specific property.
The Property Tax Rate is pre-filled with Michigan's average effective rate of 1.54%. Within Michigan, rates vary by county — if you know your specific local rate, override it for a more precise estimate.
Adjust the Down Payment slider to see how your payment changes. Below 20% down triggers PMI; the calculator adds it automatically and shows a warning.
Scroll down for the full PITI breakdown, monthly payment pie chart, and complete month-by-month amortization schedule.
How it works
Buying a median-priced home in Detroit. At $85,000 with a 20% down payment, you'd bring $17,000 to closing (plus closing costs) and take out a $68,000 mortgage. At a 6.50% interest rate on a 30-year fixed loan, your monthly principal + interest is roughly $430.
Annual costs on top of the loan. Michigan's average property tax rate is 1.54%, so a median-priced Detroit home generates approximately $1,309 in annual property tax (about $109/mo when paid through escrow). Homeowner's insurance in Michigan averages around $1,200/year.
Total monthly payment (PITI) on the median Detroit home works out to about $639 per month at current rates, assuming a 20% down payment and no HOA. If you're putting less than 20% down, add PMI to this — typically 0.5–1.5% of the loan balance per year.
Rates change; this is the math, not the offer. Mortgage rates fluctuate daily. Our default of 6.50% is a recent conventional 30-year benchmark — enter today's quoted rate from your lender for the most accurate payment estimate.
Frequently Asked Questions
Looking for a different city? Browse all cities. For Michigan-specific property taxes, see the Michigan Property Tax Calculator.