Maryland Mortgage Calculator

In Maryland, Allegany County has the lowest median monthly mortgage payment at $930, while Montgomery County's is the highest at $4,130. These differences can impact your immediate budget and long-term financial health, influencing your ability to save and invest.

Using MoneyGeek's mortgage calculator in Maryland can help you estimate your monthly mortgage payment, assess suitable loan terms for your budget and understand the total interest paid over the life of the loan. Input your purchase details into the calculator to see your financial commitment clearly.

Mortgage Calculator

Simply estimate your Maryland loan payments, taxes and PMI.

Updated: Sep 4, 2024

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30-Year Fixed

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PMI

HOA fees

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Get personalized mortgage rates from Maryland.

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Key Takeaways

In Maryland, Allegany County has the lowest median monthly mortgage payment at $930, while Montgomery County has the highest at $4,130.

A mortgage calculator helps manage short-term costs by adjusting loan terms or down payments and estimates total interest over the loan's life.

The average APR for a 30-year mortgage in Maryland is 6.4%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Maryland. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Maryland Mortgage Calculator

MoneyGeek's mortgage calculator in Maryland can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also gain a clear understanding of your amortization schedule, paving the way for informed financial planning.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves considering factors like the home's sale price and down payment.

1
Home Price
The home price directly influences your monthly mortgage payment in Maryland. A lower home price in Allegany County, at a median of $159,440, means lower monthly payments than in Montgomery County, where the median is $707,950, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Maryland's median down payment was $66,450, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Maryland change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Your loan term affects your monthly mortgage payment. Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN MARYLAND

Using the mortgage calculator in Maryland, you can see that the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house in Maryland, after a 20% down payment, is $1,376. This figure is based on an average APR of 6.4% and does not include additional expenses such as HOA fees and property tax.

Choosing a 15-year repayment term will change your monthly mortgage payment to $1,845. This decision increases your short-term expenses but could reduce your total interest paid over the life of the home loan by $163,369, providing substantial long-term savings.

Determine Your Mortgage's Affordability

Buying a home is one of the most substantial expenses you'll encounter, and your mortgage payments will consume a significant portion of your monthly income. Understanding how affordable your mortgage is can greatly affect your financial well-being. MoneyGeek's mortgage calculator for affordability can help you quickly assess how much you can afford by inputting your monthly income and other debts, such as car loans and student loans.

The calculator also reveals your debt-to-income ratio, a valuable metric for borrowers to understand. This ratio shows how much of your income is allocated to debt payments, which is crucial when planning to secure a mortgage. According to Experian, the average debt in Maryland is $131,948, translating to an average monthly debt of $10,996.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in Maryland. You can also see when your monthly payments begin to go more toward your principal vs. your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Maryland

Homebuyers in Maryland should consider additional mortgage fees that can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Maryland is $1,916 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Maryland's effective property tax rate is 1.05%, ranking 20th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Maryland?

The average APR for a 30-year fixed loan in Maryland is 6.4%, while for a 15-year fixed loan, it's 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month for a 30-year loan. The amount becomes $115 for a 15-year loan.

MoneyGeek's mortgage calculator in Maryland allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in Maryland. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes toward the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Maryland priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014. You need 20% equity to cancel PMI, equivalent to $70,000.

Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by year 10.

How to Lower Your Monthly Mortgage Payment in Maryland

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Maryland at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage payment. In Maryland, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 6.8% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.8%. This change in APR makes your monthly mortgage payments go from $1,434 to $1,584.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Maryland, putting 8% down makes your APR 7.2%, resulting in a monthly mortgage of $1,717. Increasing your down payment to 25% puts your APR at 6.7% and your monthly mortgage at $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Maryland has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Maryland that may help with your mortgage costs. Institutions like the Maryland Department of Housing and Community Development and the Housing Authority of Baltimore offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Maryland

Understanding how to use a mortgage calculator can raise questions for potential borrowers, particularly in Maryland's housing market. We've addressed commonly asked questions to help you better understand your mortgage options.

How much mortgage can I afford in Maryland?

Your mortgage affordability in Maryland depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in Maryland?

According to Experian, the average mortgage debt in Maryland in 2023 was $281,335.

How much down payment do I need to purchase a house in Maryland?

The ideal down payment is 20%, but it varies by loan type. Conventional loans typically require 3% to 20%, FHA loans require 3.5% and VA loans and USDA loans usually don't require a down payment.

Do you really need private mortgage insurance in Maryland?

In Maryland, PMI costs around $115 per month for a 15-year mortgage and $117 per month for a 30-year mortgage. PMI is generally required if your down payment is less than 20%.

What's the effective tax rate in Maryland?

Maryland's effective property tax rate is 1.05%, ranking 20th nationally.

What is the median home price in Maryland?

The median home price in Maryland varies by county. Allegany County has the lowest median home price at $159,440, while Montgomery County has the highest at $707,950.

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