VA Loan Calculator — Michigan
An eligible VA borrower can buy the typical Michigan home ($266,000) with no down payment. The 2.15% first-use funding fee ($5,719) is rolled into a $271,719 loan, and there is no monthly mortgage insurance — saving about $119 a month versus FHA MIP on the same home.
Michigan has the 14th-highest effective property tax rate of the 50 states at 1.19% — $745 more a year than the 0.91% state average on a $266,000 home. Homeowners insurance averages $2,924 a year, the 18th-highest premium nationally and $204 more than the typical state.
Loan Parameters
Total Monthly Payment
$2,321
Principal & Interest + Taxes + Insurance · no mortgage insurance
APR 7.242%
Total Interest
$381,045
Total Cost
$835,446
Advanced Parameters
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
N/A
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $21,759 | $2,744 | $19,015 | — | $268,975 | -$2,975 |
| Year 2 | $21,759 | $2,943 | $18,815 | — | $266,031 | -$31 |
| Year 3 | $21,759 | $3,157 | $18,602 | — | $262,874 | $3,126 |
| Year 4 | $21,759 | $3,386 | $18,372 | — | $259,488 | $6,512 |
| Year 5 | $21,759 | $3,632 | $18,126 | — | $255,855 | $10,145 |
| Year 6 | $21,759 | $3,896 | $17,863 | — | $251,959 | $14,041 |
| Year 7 | $21,759 | $4,179 | $17,580 | — | $247,780 | $18,220 |
| Year 8 | $21,759 | $4,482 | $17,276 | — | $243,298 | $22,702 |
| Year 9 | $21,759 | $4,808 | $16,951 | — | $238,490 | $27,510 |
| Year 10 | $21,759 | $5,157 | $16,602 | — | $233,333 | $32,667 |
| Year 11 | $21,759 | $5,531 | $16,227 | — | $227,802 | $38,198 |
| Year 12 | $21,759 | $5,933 | $15,826 | — | $221,869 | $44,131 |
| Year 13 | $21,759 | $6,364 | $15,395 | — | $215,505 | $50,495 |
| Year 14 | $21,759 | $6,826 | $14,933 | — | $208,679 | $57,321 |
| Year 15 | $21,759 | $7,322 | $14,437 | — | $201,357 | $64,643 |
| Year 16 | $21,759 | $7,853 | $13,906 | — | $193,504 | $72,496 |
| Year 17 | $21,759 | $8,423 | $13,335 | — | $185,081 | $80,919 |
| Year 18 | $21,759 | $9,035 | $12,724 | — | $176,046 | $89,954 |
| Year 19 | $21,759 | $9,691 | $12,068 | — | $166,355 | $99,645 |
| Year 20 | $21,759 | $10,395 | $11,364 | — | $155,960 | $110,040 |
| Year 21 | $21,759 | $11,149 | $10,609 | — | $144,810 | $121,190 |
| Year 22 | $21,759 | $11,959 | $9,800 | — | $132,851 | $133,149 |
| Year 23 | $21,759 | $12,827 | $8,931 | — | $120,024 | $145,976 |
| Year 24 | $21,759 | $13,759 | $8,000 | — | $106,265 | $159,735 |
| Year 25 | $21,759 | $14,758 | $7,001 | — | $91,507 | $174,493 |
| Year 26 | $21,759 | $15,829 | $5,929 | — | $75,678 | $190,322 |
| Year 27 | $21,759 | $16,979 | $4,780 | — | $58,699 | $207,301 |
| Year 28 | $21,759 | $18,212 | $3,547 | — | $40,488 | $225,512 |
| Year 29 | $21,759 | $19,534 | $2,225 | — | $20,954 | $245,046 |
| Year 30 | $21,760 | $20,954 | $807 | — | $0 | $266,000 |
VA Loan numbers for Michigan
- Typical Michigan home value
- $266,000
- 0% down ($0) · Zillow, August 31, 2026
- Loan amount
- $271,719
- Includes $5,719 financed funding fee
- Estimated monthly payment
- $2,321
- APR 7.242%
- Michigan property tax
- 1.19%
- $264/mo
- Homeowners insurance
- $2,924/yr
- $244/mo
- VA funding fee (first use)
- 2.15% · $5,719
- Financed; exempt with VA disability compensation
- Monthly savings vs FHA MIP
- $119/mo
- Same $266,000 home, FHA at 3.5% down
How much house can you afford in Michigan with a va loan?
Highest price where principal, interest, Michigan property tax and insurance, with the 2.15% VA funding fee financed and no monthly mortgage insurance stay within 28% of gross income —0% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $118,000 | $0 | 44% |
| $75,000 | $1,750 | $192,000 | $0 | 72% |
| $100,000 | $2,333 | $267,000 | $0 | 100% |
| $125,000 | $2,917 | $342,000 | $0 | 128% |
| $150,000 | $3,500 | $417,000 | $0 | 157% |
| $200,000 | $4,667 | $566,000 | $0 | 213% |
| $250,000 | $5,833 | $715,000 | $0 | 269% |
VA vs other loan types in Michigan
$266,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $26,600 | $239,400 | — | $144 PMI | $2,249 | 7.488% |
| FHA | 3.5% · $9,310 | $261,182 | UFMIP $4,492 | $119 MIP | $2,370 | 7.761% |
| VA | 0% · $0 | $271,719 | Funding fee $5,719 | $0 | $2,321 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $53,200 | $212,800 | — | $0 | $1,928 | 7.030% |
Frequently asked questions
What is the monthly payment on a $266,000 home with a va loan in Michigan?
Estimated $2,321 per month ($1,813 principal & interest, $264 property tax, $244 insurance) at 7.03% for 30 years, with 0% down. APR 7.242%.
How much is the VA funding fee on a $266,000 Michigan home?
$5,719 (2.15%) for a first-time user with no down payment. Putting 5% down lowers it to 1.5%, and 10% down to 1.25%.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- VA — Funding fee and closing costs
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.