Monthly Payment on a $350K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$350K 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% | $2,541 | $2,432 | $2,049 |
| 6.0% | $2,647 | $2,532 | $2,138 |
| 6.5% | $2,755 | $2,634 | $2,229 |
| 7.0% | $2,866 | $2,739 | $2,322 |
| 7.5% | $2,978 | $2,846 | $2,417 |
| 8.0% | $3,093 | $2,955 | $2,514 |
How This Compares to Maryland's Median
A $350K home is 17% below Maryland's median of $420K. You'll find homes at this price in cities like Westminster, Elkton, Hagerstown, Salisbury, Baltimore, Cambridge.
Income Needed for a $350K Home in Maryland
To afford this payment of $2,634/mo in Maryland, you'd need a household income of approximately $113K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $9K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $5,250 to your transaction costs.
What to Know About a $350K Mortgage in Maryland
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Maryland's 1.09% property tax ($318/mo) and $1,700/yr insurance ($142/mo) brings your total to $2,634/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.