Home / Detroit, MI
Mortgage Calculator — Detroit, MI
Median home price in Detroit: $220,000. Monthly payment: $1,171/month (20% down, 7%, 30yr). Property tax rate: 2.42%.
= $44,000
Monthly Payment
$1,171
Loan Amount
$176,000
Total Interest
$245,536
Total Cost
$465,536
Payment Breakdown
Down Payment$44,000 (9.5%)
Principal$176,000 (37.8%)
Total Interest$245,536 (52.7%)
Detroit Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,438 | $999 | $183,751 |
| 6% | $1,485 | $1,055 | $203,875 |
| 6.5% | $1,533 | $1,112 | $224,478 |
| 6.75% | $1,557 | $1,142 | $234,952 |
| 7% | $1,582 | $1,171 | $245,536 |
| 7.25% | $1,607 | $1,201 | $256,227 |
| 7.5% | $1,632 | $1,231 | $267,022 |
| 8% | $1,682 | $1,291 | $288,913 |
Detroit Property Tax & Total Housing Cost
Property Tax Rate
2.42%
$5,324/year
Monthly P&I
$1,171
20% down, 7%, 30yr
Est. Total Monthly
$1,615
P&I + property tax
Affordability in Detroit
10% down ($22,000)$75,470/yr needed
15% down ($33,000)$72,334/yr needed
20% down ($44,000)$69,197/yr needed
25% down ($55,000)$66,061/yr needed
Based on 28% housing cost rule. Includes property tax.