09/17/2026
PSA: the next couple of months will be a buyer's market.
Buyers are going dormant due to increased rates after facing huge competition in recent years.
DO NOT BE THAT DORMANT BUYER.
When competition drops, so do prices.
My advice: get the house you can afford right now at the current rates.
The money you save on the purchase price will offset the rate increase.
Then when rates drop in the future, you have a house you can afford even more.
Here is an amazing tool you can play around with to get a pretty decent monthly payment estimate at various prices and rates.
Remember taxes will vary from municipality to municipality. Put in 1.5% as a good average for SE Michigan.
Put in closer to .75% for insurance, though that varies too.
Another thing to bear in mind: I work with lenders who are offering below 7%. Not every lender is the same!
Use our mortgage calculator to calculate monthly payment along with Taxes, Insurance, PMI, HOA & Extra Payments on your home mortgage loan in the U.S.