CALCMONEY // MORTGAGE // MI // ANN ARBOR
Calculate your monthly mortgage payment using Ann Arbor-specific property tax rates and local market data.
$520,000
6.95%
1.8%
115
| Principal & Interest | $2,754 |
| Property Tax | $780 |
| Homeowners Insurance (est.) | $173 |
| Total Monthly Payment (PITI) | $3,707 |
$104,000
$575,333
$158,873/yr
Home prices in Ann Arbor run 24% above the national median: $520,000 versus $420,000. Relative to the $72,000 median household income here, the price-to-income ratio comes out to 7.2x.
Property taxes in Ann Arbor run 1.8% of assessed value, above the 1.1% national average. On the median home, that's $9,360 a year, or $780 added to the monthly payment.
Michigan levies a state income tax on top of the $3,707/month this mortgage runs. Model your real after-tax take-home before deciding how much payment you can carry.
Ann Arbor's cost of living index is 115, above the 100 national baseline. That's on top of the housing numbers above, not instead of them.
Ann Arbor's median home price runs 181% higher than nearby Detroit: $185,000 there versus $520,000 here.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $416,000 loan saves $18,720 in interest over 30 years.
Compare Top Ann Arbor Mortgage LendersDetroit
$185,000 median
MIGrand Rapids
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MILansing
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MIWarren
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