Monthly Payment on a $100K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$100K Mortgage in Maryland: Rate Comparison
Monthly PITI payment using Maryland's 1.09% property tax and $1,700/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $827 | $796 | $687 |
| 6.0% | $857 | $825 | $712 |
| 6.5% | $888 | $854 | $738 |
| 7.0% | $920 | $884 | $765 |
| 7.5% | $952 | $914 | $792 |
| 8.0% | $985 | $945 | $820 |
How This Compares to Maryland's Median
A $100K home is 76% below Maryland's median of $420K. This is well within reach in many Maryland communities.
Income Needed for a $100K Home in Maryland
To afford this payment of $854/mo in Maryland, you'd need a household income of approximately $37K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $3K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $1,500 to your transaction costs.
What to Know About a $100K Mortgage in Maryland
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Maryland's 1.09% property tax ($91/mo) and $1,700/yr insurance ($142/mo) brings your total to $854/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.