Mortgage Calculator in Maryland

Calculate your monthly mortgage payment in Maryland using the 2026 median home price of $415K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Proximity to Washington DC and major employment centers along the I-95 corridor drives this market, where a median home price of $415,000 reflects sustained demand and limited inventory. Property taxes average 1.09%, which on the median home amounts to roughly $4,524 per year — a meaningful monthly addition to housing costs. Closing costs here average 2.5%, among the higher rates in the country, adding about $10,375 on a median-price purchase. Buyers face competitive bidding in many suburbs, particularly in Montgomery, Howard, and Anne Arundel counties. The MMP 1st Time Advantage program offers competitive first-mortgage rates for qualifying buyers, and the House Keys 4 Employees program provides employer-linked down-payment assistance in select counties. A 12% down payment on the median home requires $49,800 — a significant upfront cash requirement. Maryland law also imposes a recordation tax and state transfer tax at closing, which contribute to that higher closing cost figure. Buyers should understand the total upfront cash requirement before setting a price target. Use the mortgage calculator to model your monthly payment including property tax at the precise price you are considering.

ℹ

Maryland's average mortgage rate of 6.51% and median home price of $415K produce a monthly P&I of approximately $2,311 before taxes and insurance.

Know your real number before you decide.

Free. No email. The math is right there.

See all 20 calculators →

Maryland Housing Market at a Glance (2026)

$415K

Median Home Price

6.51%

Avg Mortgage Rate

1.09%

Property Tax Rate

12%

Typical Down Payment

Buying a Home in Maryland: Costs to Know

Average closing costs2.5% of purchase price

On a $415K home, closing costs â‰ˆ$10,375

Median household income$102,905/yr

State income tax (top rate)5.75%

First-Time Buyer Programs in Maryland

Maryland offers state-sponsored programs that can reduce your down payment or closing costs:

✓MMP 1st Time Advantage
✓House Keys 4 Employees

How Mortgage Payments Work in Maryland

A standard mortgage payment in Maryland is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $415K home in Maryland with a 12% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $2,311/month— not including property taxes or homeowner's insurance.

Maryland's property tax rate of 1.09% adds roughly $377/month to your total housing cost on a $415K home. This rate is near the national average of ~1.1%.

Maryland vs. National Average

Metric	Maryland	National Avg
Median Home Price	$415,000	$420,000
Property Tax Rate	1.09%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	117.4	100

Questions You Might Ask — Mortgage Calculator in Maryland

What is the average mortgage payment in Maryland?

Based on the median home price of $415K in Maryland with a 12% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,311. Adding property taxes (~$377/mo) and homeowner's insurance, total PITI is typically $2,838–$2,938/month.

What is the property tax rate in Maryland?

Maryland has an average effective property tax rate of 1.09%. On the median home price of $415K, that equals roughly $4,524 per year — or $377 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in Maryland?

The typical down payment in Maryland is 12% — about $49,800 on the median $415K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like MMP 1st Time Advantage.

What are closing costs in Maryland?

Average closing costs in Maryland are approximately 2.5% of the purchase price — about $10,375 on the median $415K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Maryland?

To afford the $415K median home in Maryland under the 28% housing-cost rule, you need a gross monthly income of at least $10,136 — roughly $122K/year. The median household income in Maryland is $102,905.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.