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Maryland mortgage calculator

The median home in Maryland runs about $420,000. With 20% down that's a loan near $336,000 — the calculator is pre-filled with that figure. Maryland's property tax rate is near the national average, but a state transfer and recordation tax adds to closing costs, and the state gives no trade-in credit on vehicle sales tax.

$2,181.52 / month

Total interest
$449,351
Total paid
$785,351
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$84k$168k$252k$336k0612182430Year

How it works

A full Maryland payment is more than principal and interest. At the state's 1.05% effective property tax rate, a $420,000 home owes about $4,410 a year in tax, and homeowners insurance averages roughly $1,500 a year here. Together those add about $493 to the monthly payment before any HOA dues or PMI.

Maryland's median household income is about $101,000, or $8,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,357 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Maryland sell in about 30 days on average.

Frequently asked questions

What is a typical mortgage payment in Maryland?
On the state's roughly $420,000 median home with 20% down, the loan is about $336,000. Principal and interest depend on your rate; on top of that, Maryland's 1.05% effective property tax rate and about $1,500 a year in homeowners insurance add roughly $493 per month to the payment.
How much are property taxes on a home in Maryland?
Maryland's effective property tax rate averages about 1.05% of market value — roughly $4,410 a year on the $420,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Maryland?
The average Maryland homeowners policy runs about $1,500 a year. Maryland's property tax rate is near the national average, but a state transfer and recordation tax adds to closing costs, and the state gives no trade-in credit on vehicle sales tax.
Can I afford a home in Maryland on the median income?
Maryland's median household income is about $101,000 a year, or $8,417 a month. Lenders generally want the full housing payment under about 28% of that — roughly $2,357 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Maryland?
A for-sale home in Maryland spends about 30 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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