Michigan First-Time Homebuyer Calculator
First-time homebuyer costs in Michigan: $8,225 FHA down payment, $6,580 closing costs, 1.54% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Michigan. Includes down payment, closing costs (2.8%), PMI (required below 20% down), property tax (1.54%), and homeowners insurance ($1,820/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Michigan homebuyer facts: Median price $235,000 | 20% down = $47,000 | FHA 3.5% down = $8,225 | Closing costs ~$6,580 | Property tax 1.54% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in Michigan?
For Michigan's median home ($235,000): FHA minimum down payment is $8,225 (3.5%), plus $6,580 in closing costs. Total minimum: ~$14,805. With 20% down to avoid PMI: ~$53,580.
What are closing costs in Michigan?
Michigan closing costs average 2.8% of the home price, or about $6,580 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.75%.
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