Maryland Mortgage Calculator
Estimate your monthly mortgage payment in Maryland based on the state median home price of $420K, a 1.09% property tax rate, and $2K/year homeowners insurance.
Why This Matters in Maryland
In Maryland, property taxes average 1.09% of assessed value. On the state median home of $420K, that adds $382/month to your mortgage payment — close to the national average. Combined with $142/month for homeowners insurance, your non-mortgage housing costs in Maryland total $524/month before you even account for principal and interest.
Maryland's median home price of $420K places it among the more expensive states. Buyers here benefit from shopping multiple lenders aggressively — even a 0.25% rate difference saves $79/month on the median home.
What to Expect for a Mortgage Payment in Maryland
On the median Maryland home priced at $420K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $2,389 per month. Add $382/mo in property taxes and $142/mo for homeowners insurance, and the total PITI comes to approximately $2,912 each month. That median price sits about 20% above the national median of roughly $350K, which directly shapes how much house most Maryland borrowers can realistically target.
At $420K, Maryland's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($84K) eliminates PMI and drops the monthly payment to roughly $2,647, saving about $265 per month compared to the 10%-down scenario.
Homeowners insurance in Maryland averages around $2K per year, which adds $142 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the MD Mortgage Program program, which offers up to $25,000 dpa for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.