To determine the estimated monthly mortgage payment for a $100,000 home over a 30-year term in Michigan, we need to consider the current mortgage interest rates available in the region.

As of March 2025, mortgage rates in Michigan vary slightly among different lenders. For example, Bankrate.com lists the interest rate for a 30-year fixed mortgage at 6.78% as of March 23, 2025. Lake Michigan Credit Union offers rates around 6.250% to 6.375% for a similar term, while Lending Tree lists an average around 7.01% for such loans. These rates can significantly affect the monthly payment.

To calculate the monthly payment, we can use the formula for a fixed-rate mortgage:

[M = P \frac{r(1+r)^n}{(1+r)^n-1}]

Where:

• (M) = Monthly payment
• (P) = Principal (loan amount)
• (r) = Monthly interest rate (annual rate / 12)
• (n) = Number of payments (loan term in months)

Let’s take a middle-rate of 6.375% for this calculation.

1. Convert the annual rate to monthly:

   • (r = 6.375% / 100 / 12 = 0.0053125)

2. Calculate the number of payments:

   • (n = 30 \times 12 = 360)

3. Plug the values into the formula:

   • (M = 100000 \times \frac{0.0053125(1 + 0.0053125)^{360}}{(1 + 0.0053125)^{360} - 1})

Calculating this results in a monthly payment of approximately $623.15.

This amount will not include property taxes, homeowner's insurance, or private mortgage insurance (PMI), which are typically required and would increase the total monthly payment.

For further details on the current mortgage rates in Michigan, you can visit the following links:

• Bankrate.com
• Lake Michigan Credit Union
• Lending Tree

Overall, based on current rates around 6.375%, a mortgage for a $100,000 home over 30 years would result in a monthly payment of approximately $623.15, excluding additional costs.

Sources

Current Michigan Mortgage and Refinance Rates | Bankrate.comMortgage Rates | Lake Michigan Credit UnionCurrent Mortgage Interest Rates in Michigan — 2025Current Mortgage Rates: March 21, 2025 - MoneyMichigan Mortgage RatesCompare Current Mortgage Rates in March 2025 - Lending TreeCurrent Mortgage Rates & Home Interest Rates

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