Monthly Payment on a $300K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$300K 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% | $2,199 | $2,105 | $1,777 |
| 6.0% | $2,289 | $2,190 | $1,853 |
| 6.5% | $2,382 | $2,278 | $1,931 |
| 7.0% | $2,477 | $2,368 | $2,011 |
| 7.5% | $2,573 | $2,460 | $2,092 |
| 8.0% | $2,672 | $2,553 | $2,175 |
How This Compares to Maryland's Median
A $300K home is 29% below Maryland's median of $420K. You'll find homes at this price in cities like Elkton, Hagerstown, Salisbury, Baltimore, Cambridge, Cumberland.
Income Needed for a $300K Home in Maryland
To afford this payment of $2,278/mo in Maryland, you'd need a household income of approximately $98K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $8K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $4,500 to your transaction costs.
What to Know About a $300K Mortgage in Maryland
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Maryland's 1.09% property tax ($273/mo) and $1,700/yr insurance ($142/mo) brings your total to $2,278/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.