Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Maryland

Maryland Mortgage Calculator

Set to Maryland’s own property tax rate of 0.95% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($87,200)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,695
Monthly payment
$2,223
Principal & interest
$345
Taxes
$127
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $348,800 Interest paid $451,493
20262056
Total of 360 payments$970,333
Principal$348,800
Interest$451,493
Taxes$124,260
Insurance$45,780
HOA fees$0
P&I 82.5% Taxes 12.8% Insurance 4.7%
15- vs 30-year term at 6.58%
15-year
$3,054/mo P&I
$200,881 total interest
30-year · current
$2,223/mo P&I
$451,493 total interest
The 15-year term saves $250,612 in interest. Which term is right for you?

What these numbers come from

Median home value
$436,300
Median tax bill
$4,144
Effective tax rate
0.95%
Rank of 51
21st highest

Maryland taxes property at about 0.95% of value against 0.89% nationally. On a $436,000 home that is $22 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Maryland home prices

20% down, 30-year fixed at 6.58%, with Maryland property tax of 0.95% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$262,000 $209,600 $1,336 $207 $1,620
$349,000 $279,200 $1,779 $276 $2,158
$436,000 median $348,800 $2,223 $345 $2,695
$545,000 $436,000 $2,779 $431 $3,369
$654,000 $523,200 $3,335 $518 $4,043

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Maryland taxes alone add $345 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $310 $1,913 $472 $348,490
Sep $312 $1,911 $472 $348,177
Oct $314 $1,909 $472 $347,864
Nov $316 $1,907 $472 $347,548
Dec $317 $1,906 $472 $347,231
2026 $1,569 $9,546 $2,362 $347,231
Jan $319 $1,904 $472 $346,912
Feb $321 $1,902 $472 $346,591
Mar $323 $1,900 $472 $346,268
Apr $324 $1,899 $472 $345,944
May $326 $1,897 $472 $345,618
Jun $328 $1,895 $472 $345,290

Refinancing in Maryland

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Maryland home loans in detail

Maryland Mortgage Overview

The average Maryland home price is $445,000 and just about 66 percent of homes are owner-occupied. It's nice and close to our nation's capital, yet a lot less expensive to live there, which is great for those who work in or near the capital. You can get affordable closing and still work where you want.

If you're looking for a Maryland home, here are your mortgage options.

Maryland FHA loans

FHA loans are a low down payment option with flexible guidelines. You need only 3.5 percent down and may use gift funds for some or all of it. You'll need a 580 credit score to get these terms, but if you have a 500 - 579 score, you may still qualify with a 10 percent down payment. FHA loans have mortgage insurance for the life of the loan.

Maryland VA loans

If you served our country, the VA offers a 100 percent financing program if you have at least a 620 credit score. With no down payment and flexible guidelines, it's easy for veterans to stop renting and become homeowners. As long as you meet the disposable income requirements for your area, you are on your way to owning a home.

Maryland USDA loans

If you don't qualify for the above programs, the USDA loan may offer an option. Your household income must be less than 115 percent of the area's income and you need a 640 credit score. Maryland USDA loans are available in low populated areas that the USDA deems rural, but are just outside city lines.

Maryland conventional loans

If you have great credit (660+) and a good debt ratio (lower than 40 percent), you may qualify for a conventional loan. You need 3 percent down as a first-time homebuyer or 5 percent as a subsequent buyer. Conventional loans require PMI until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Maryland

The Maryland Department of Housing has two major programs — the Advantage and Flex program:

1st Time Advantage Direct or Flex

Direct

First-time homebuyers buying in a targeted area may secure the 1st Time Advantage or Flex Direct loan with low interest rates and flexible terms. It doesn't include down payment assistance, but you can use DPA from other sources with it.

1st Time Advantage 5000 or Flex 5000

The 1st Time Advantage or Flex 5000 is the same as Advantage Direct, but it includes up to $5,000 in closing costs and down payment assistance. The assistance is a second mortgage, but you don't owe anything until you sell the home or refinance the first mortgage.

1st Time Advantage 3% Loan

The 1st Time Advantage 3% or Flex Loan is the same as the Advantage Direct, but it comes with 3% of the first mortgage in closing cost and/or down payment assistance. The aid is a second mortgage that's not due or payable until you refinance or sell the home.

Flex 3% or 4% Grant

The Maryland Department of Housing also offers a Flex 3% or 4% down payment and closing cost assistance grant that isn't repayable. However, you must be a low-income borrower to qualify.

Maryland SmartBuy Program

The Maryland Department of Housing helps borrowers with existing student debt to qualify for a mortgage by providing 15% or less of the home's price to pay off student loans. The balance must pay off at least one borrower's student loans completely to qualify.

Maryland mortgage FAQ

How much is property tax on a home in Maryland?
Maryland homeowners pay an effective property tax rate of about 0.95 percent of home value — the 21st highest of the 50 states and DC. On the state's median home value of $436,300 that works out to roughly $4,142 a year, or $345 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Maryland home?
At $436,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $2,223 a month. Adding Maryland property tax of roughly $345 a month and an estimated $127 of homeowner insurance brings the full payment to around $2,695.
What mortgage choices do Maryland homebuyers have?
Maryland buyers can pick FHA loans with 3.5 percent down and a 580 credit score (10 percent down for 500 - 579 scores), VA loans with 100 percent financing for veterans with at least 620 credit, USDA loans in rural areas for households earning under 115 percent of area income with a 640 score, or conventional loans with 3 percent down for first-time buyers with 660+ credit.
What first-time homebuyer assistance does Maryland provide?
The Maryland Department of Housing offers the 1st Time Advantage and Flex program lines, including Direct loans with low rates plus versions that add closing cost and down payment help as deferred second mortgages. Low-income buyers may qualify for a non-repayable Flex 3% or 4% grant, and the Maryland SmartBuy Program helps buyers pay off student loan debt while purchasing.
How much do you need to put down on a house in Maryland?
Potentially nothing. VA and USDA loans offer zero-down options for eligible veterans and rural buyers. Conventional loans require 3 percent down for first-time homebuyers or 5 percent for repeat buyers, and FHA loans need 3.5 percent with a 580 credit score. Maryland assistance programs can also cover part of the down payment through second mortgages or grants.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.