Mortgage Calculator & Closing Costs: Marquette, MI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Marquette, Michigan.
Median Home Price
$245K
Population
21K
Avg Monthly Rent
$1,080
Property Tax Rate
1.54% *
* Property tax shown is the Michigan state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Marquette.
Marquette vs Michigan Median
The median home price in Marquette is $245,000, which is roughly in line with the Michigan state median of $240,000.
Mortgage Calculator — Marquette, MI
Pre-filled with Marquette median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $245K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$2,071/mo
Down: $12,250
Loan: $233K
P&I: $1,471
Tax: $314
Insurance: $150
PMI: $136
10% Down
$1,987/mo
Down: $24,500
Loan: $221K
P&I: $1,394
Tax: $314
Insurance: $150
PMI: $129
20% Down (No PMI)
$1,703/mo
Down: $49,000
Loan: $196K
P&I: $1,239
Tax: $314
Insurance: $150
Income needed (28% rule): $73K/year with 20% down, $85K/year with 10% down.
Rent vs Buy in Marquette
Rent
$1,080/mo
vs
Buy (10% down)
$1,987/mo
Price-to-rent ratio: 18.9 — A ratio between 15-20 means the rent vs buy decision in Marquette depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Marquette is $245,000, roughly in line with the Michigan state median of $240,000. With a population of 20,946, Marquette is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Michigan average 1.54% annually. This higher-than-average tax rate means a $245,000 home in Marquette would carry roughly $314/month in property taxes alone — plan accordingly. Homeowners insurance in Michigan runs approximately $1,800 per year. This is within the normal range nationally.
Average rent in Marquette is $1,080/month. The price-to-rent ratio in Marquette is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Marquette offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Michigan's MSHDA DPA program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Marquette.