Maryland Mortgage Calculator

Calculate your monthly mortgage payment in Maryland. Average home price: $395,000 · Property tax rate: 1.04% · Median household income: $90,203.

Calculate Your Maryland Mortgage Payment

Home Price ($)

Down Payment ($)

Interest Rate (%)

Loan Term (Years)

Property Tax Rate (%)

Annual Insurance ($)

HOA Monthly ($)

Loan Type

Maryland Housing Market Overview

$395,000

Avg Home Price

1.04%

Property Tax Rate

$1,450

Annual Insurance

6.65%

Avg Mortgage Rate

The average home price in Maryland is $395,000, with a property tax rate of 1.04%. With 20% down at 6.65%, your estimated monthly payment would be approximately $2,492/month including principal, interest, taxes, and insurance (PITI).

Maryland's median household income is $90,203, making the average home roughly 4.4x the median annual income. Financial advisors generally recommend a home price no more than 3-4x your annual income.

How Mortgage Payments Work in Maryland

Your monthly mortgage payment in Maryland consists of four components (PITI):

Principal: The portion that reduces your loan balance. Starts small and grows over time.
Interest: The cost of borrowing. At 6.65%, you'll pay significant interest in the early years.
Taxes: Maryland's property tax rate of 1.04% means approximately $342/month on the average home.
Insurance: Homeowners insurance in Maryland averages $1,450/year ($121/month).

If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI), typically 0.5-1% of the loan annually. FHA loans require mortgage insurance for the life of the loan.

Tips for Maryland Home Buyers

Get pre-approved: Know exactly how much you can afford before shopping in Maryland.
Compare rates: Even a 0.25% rate difference saves thousands over 30 years on a $395,000 home.
Consider property taxes: Maryland's 1.04% rate can vary significantly by county — research your target area.
Shop insurance: Maryland homeowners insurance averages $1,450/year, but rates vary. Get 3-5 quotes.
Budget for closing costs: Expect 2-5% of the purchase price ($7,900-$19,750) in closing costs.
Build an emergency fund: Set aside 3-6 months of mortgage payments ($7,475-$14,951) for emergencies.

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Frequently Asked Questions

What is the average mortgage payment in Maryland?

Based on the average home price of $395,000 with 20% down at 6.65%, the typical monthly payment in Maryland is approximately $2,492, including principal, interest, property taxes (1.04%), and homeowners insurance ($1,450/year).

What is the property tax rate in Maryland?

Maryland's effective property tax rate is approximately 1.04%. On a $395,000 home, that's about $4,108/year or $342/month. Property tax rates can vary by county within Maryland.

How much do I need for a down payment on a home in Maryland?

For a conventional loan, 20% down on the average Maryland home ($395,000) would be $79,000. FHA loans require as little as 3.5% ($13,825), and VA loans offer 0% down for eligible veterans. Lower down payments mean higher monthly payments and PMI.

What credit score do I need for a mortgage in Maryland?

Conventional loans typically require 620+, FHA loans 580+ (for 3.5% down) or 500+ (for 10% down), and VA loans have no minimum but lenders typically prefer 620+. Higher scores get better rates — a 760+ score in Maryland could save you 0.5-1% on your rate.

Should I get a 15-year or 30-year mortgage in Maryland?

A 30-year mortgage offers lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significantly on interest. On a $316,000 loan at 6.65%, you'd save approximately $157,605 in total interest with a 15-year term.

How much house can I afford in Maryland?

With Maryland's median household income of $90,203, following the 28% rule (housing should be ≤28% of gross income), you could afford approximately $2,105/month for housing. That supports a home price of roughly $315,710-$360,812 depending on rates, taxes, and insurance.