Mortgage Calculator & Closing Costs: College Park, MD
Mortgage payment estimates, closing cost breakdowns, and homebuying data for College Park, Maryland.
Median Home Price
$385K
Population
32K
Avg Monthly Rent
$1,550
Property Tax Rate
1.09% *
* Property tax shown is the Maryland state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in College Park.
College Park vs Maryland Median
The median home price in College Park is $385,000, which is 8% below the Maryland state median of $420,000.
Mortgage Calculator — College Park, MD
Pre-filled with College Park median home price and Maryland tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $385K home using Maryland's 1.09% tax rate and $1,700/yr insurance.
5% Down
$3,017/mo
Down: $19,250
Loan: $366K
P&I: $2,312
Tax: $350
Insurance: $142
PMI: $213
10% Down
$2,884/mo
Down: $38,500
Loan: $347K
P&I: $2,190
Tax: $350
Insurance: $142
PMI: $202
20% Down (No PMI)
$2,438/mo
Down: $77,000
Loan: $308K
P&I: $1,947
Tax: $350
Insurance: $142
Income needed (28% rule): $104K/year with 20% down, $124K/year with 10% down.
Rent vs Buy in College Park
Rent
$1,550/mo
vs
Buy (10% down)
$2,884/mo
Price-to-rent ratio: 20.7 — At a ratio above 20, renting may be more economical in College Park for shorter stays. Buying costs $1,334 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in College Park is $385,000, 8% below the Maryland state median of $420,000. With a population of 32,303, College Park is a smaller market where home prices tend to be more accessible than in many parts of Maryland.
Property taxes in Maryland average 1.09% annually. This moderate property tax rate means a $385,000 home in College Park would carry roughly $350/month in property taxes. Homeowners insurance in Maryland runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in College Park is $1,550/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
College Park presents moderate affordability. The $385K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in College Park.