Maryland Mortgage Calculator
This calculator pre-fills Maryland's local figures — a median home price near $410,000 (2% more affordable than the U.S. median), property tax at 1.05% of home value per year (below the national average, roughly $359/month here), and typical homeowners insurance of about $160/month — so the estimate reflects buying in Maryland, not a generic national number. All told, a median-priced purchase with 20% down on a 30-year loan runs near $2,592/month before HOA dues or PMI. Adjust any input to match the home you're actually considering, and the tax and insurance lines recalculate with it.
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Amortization schedule
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Property taxes in Maryland
Maryland's effective property-tax rate is about 1.05% of a home's value each year — lower than the U.S. average of 1.1%. On the state's median home price of $410,000, that works out to roughly $4,305/year ($359/month) added to your payment.
Good to know: Maryland's Homestead Tax Credit caps how much of an assessment increase can be taxed each year — 10% statewide and lower in many counties — smoothing tax bills in appreciating areas.
For the full formula and a worked example, see the main Mortgage Calculator.
Homeowners insurance in Maryland
Lenders require homeowners insurance, and in Maryland it averages about $1,918/year ($160/month) for a policy with $300,000 in dwelling coverage — 25% below the U.S. average of $2,543. Premiums are comparatively affordable here, though rates still vary with the home's age, construction and distance from a fire station. The calculator above already includes this figure in the monthly estimate — replace it with a real quote when you have one.
Buying a home in Maryland
A typical Maryland purchase looks like this: the median home at $410,000 — 2% more affordable than the $420,000 U.S. median — bought with 20% down on a 30-year loan near 6.5% costs about $2,073/month in principal and interest. Property tax adds $359/month at the state's 1.05% effective rate (below the national average), and average homeowners insurance another $160/month, for an all-in figure around $2,592/month — before HOA dues or PMI if your down payment is under 20%. The calculator above uses these local defaults, so adjusting the price or rate recalculates the whole picture for Maryland.