CALCMONEY // MORTGAGE // MI // DETROIT
Calculate your monthly mortgage payment using Detroit-specific property tax rates and local market data.
$185,000
6.95%
2.44%
83
| Principal & Interest | $980 |
| Property Tax | $376 |
| Homeowners Insurance (est.) | $62 |
| Total Monthly Payment (PITI) | $1,418 |
$37,000
$204,686
$60,751/yr
The median home price in Detroit is $185,000, below the national median of $420,000. With a median household income of $38,000, the price-to-income ratio is 4.9x — meaning buyers typically spend 4.9 years of gross income on the purchase price.
Property taxes in Detroit run 2.44% of assessed value. On the median home, that is $4,514 per year, or $376 per month added to your mortgage payment. This is significantly above the national average of 1.1%, making property taxes a major factor in your total housing cost.
Michigan has a state income tax. Factor your take-home pay into how much mortgage you can comfortably carry each month.
The cost of living index in Detroit is 83 (national average = 100). Beyond housing, your everyday expenses will also run below the national average.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $148,000 loan saves $6,660 in interest over 30 years.
Compare Top Detroit Mortgage Lenders