Maryland Mortgage Calculator: Estimate Your Monthly Payment

Updated: January 18, 2024

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In Maryland, you might have to pay around $192 more than the national average for your mortgage payment. Before you opt for a home loan in the state, check the state’s property tax, real estate tax and other factors that will influence your mortgage payment.

Maryland ranks 31st when it comes to the lowest real estate tax rate and lowest annual average property tax. In this state, you will have to pay $2,370 as an annual property tax, while the real estate tax rate is 1.09%. You can find more details at Maryland’s Department of Assessment and Taxation.

You can modify the different factors to customize your home loan estimates and find out how you can lower your mortgage payments. You can change the home price, loan amount, down payment or other expenses. If you have different offers from multiple lenders, you can compare the offers as well by changing the interest rates.

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WHAT WE CAN HELP WITH

Start Here: Plug In Your Mortgage Factors

The Maryland mortgage calculator from MoneyGeek can help you get an estimate of your monthly mortgage payments. We share details about the 12 factors it includes below.

Mortgage Calculator

Simply Estimate Your Loan Payments, Taxes & PMI.

Updated: Sep 7, 2024

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30-Year Fixed

Optional: add taxes, insurance, HOA Fees

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Next Steps

Get personalized mortgage rates from Maryland.

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Why and How to Use Our Mortgage Calculator

When getting an accurate estimate of your monthly mortgage payment, you need to determine the budget of your home. The average value of homes in Maryland is $290,500. You also need to research interest rates, input property tax costs, HOA fees and more. Since the calculator uses 12 crucial factors to determine your mortgage payment, you can change each one to get an estimate that will fit your budget.

Before you start using the Maryland state mortgage calculator by MoneyGeek, make sure you have the details like type of mortgage, loan amount, loan length and interest rates handy. Here are the factors or variables that are included in the calculator:

1
Home Price:

This is the price of your home or the maximum budget for the home you want to buy.

2
Down Payment:

The initial amount of money you can put down towards the value of the home.

3
Interest Rate:

This is the cost of borrowing the home loan from the lender. You can enter the interest rate offered by your lender, or you can check our mortgage rate page.

4
Loan Terms:

The loan term is how long you will take to repay the loan. The most common durations are 15, 20 or 30 years. However, you can also keep it as low as 10 years.

5
Payments per Year:

There are usually 12 payments in a year, which simply means monthly payments.

6
Property Tax:

In Maryland, the average annual property tax is $2,370, which you need to enter under the ‘other fees’ section.

7
HOA Fees:

If your home is located in a homeowners association, then you will have to pay HOA fees.

8
Principal & Interest:

The amount you borrow from the lender is the principal amount. Based on that amount, you will have to pay a certain percentage in interest.

9
Monthly Payment:

The monthly mortgage payment will include the principal amount, interest component, HOA fees (if applicable), home insurance costs and property taxes.

10
Principal Payment:

This is one of the most important parts of your mortgage payments and will decrease the overall outstanding loan.

11
Interest Payment:

This will cover your interest charges. As you repay the loan and the balance reduces, the interest costs will also reduce.

12
Total Cost with Interest:

The total cost will include both the principal and interest charges of the loan for the whole term.

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WHAT YOU CAN DO TO LOWER YOUR MONTHLY PAYMENT

On average, residents in Maryland pay $1,351 for their monthly mortgages. However, there are ways to reduce the costs. You can save on your monthly mortgage payments by:

  • Buy a less expensive house. If you purchase a house with a lower price point, then your monthly mortgage payments can be lower.
  • Consider a different location. Maryland ranks 31st on the list of states with the lowest property taxes. That means there are 30 other states with lower property tax rates.
  • Find a lower interest rate. Another way of saving on a mortgage is to shop around and compare rates from different lenders to get the lowest rates.
  • Extending your loan terms. You can extend the loan term to reduce the monthly mortgage payments. However, this will increase the total cost of the mortgage.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

To help you in your home buying journey, MoneyGeek compiled details about different mortgages, interest rates and more.

  1. Shop & Compare Rates - It is important to shop around to find the most affordable mortgage for your home and compare offers from different lenders. You can also learn more about Maryland mortgage rates.
  2. Not Ready to Buy? – If you are on the fence about whether you should rent vs. buy, we can help you evaluate the right choice for your needs.
  3. Learn More – You can learn about reverse mortgages, FHA loans and VA loans to see which one is right for you.

Frequently Asked Questions About Mortgages in Maryland

How much mortgage can I afford in Maryland?

Lenders usually check your debt-to-income ratio when evaluating loan affordability. Your DTI ratio should be around 43% or less.

What is the average mortgage in Maryland?

In Maryland, the average outstanding mortgage amount is $252,520.

Do I have enough cash for a down payment for a mortgage in Maryland?

It depends. The traditional down payment amount is 20%, but some loan types require no money down.

Do you need private mortgage insurance in Maryland?

You can avoid having to purchase private mortgage insurance (PMI) in Maryland if you put 20% down on your home.

What are the average annual property taxes in Maryland?

The average annual property tax in Maryland amounts to $2,370.

What is the average monthly mortgage payment in Maryland?

In Maryland, you may have to pay an average of $1,351 towards mortgage payments on a monthly basis.

What is the median home price in Maryland?

The median home price in Maryland is $290,500.

sources
  • Maryland Department of Assessments and Taxation. "Real Property." Accessed March 2, 2022.
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