Maryland Mortgage Calculator
Calculate your Maryland mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Baltimore, Columbia, Silver Spring, Annapolis, Rockville, and all of Maryland.
Useful for home buyers in Baltimore, Columbia, Silver Spring, Annapolis, Rockville, and all of Maryland.
Why use a Maryland Mortgage Calculator?
Maryland has varying property tax rates by county with an average of 1.09%. This calculator estimates your payment, PMI, property tax, and closing costs.
Maryland has varying property tax rates by county with an average of 1.09%. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Maryland Property Tax: The average effective property tax rate is about 1.09%. Maryland also has a state transfer tax of 0.5% and closing costs typically range from 2-5% of the purchase price.
Average Home Prices in Major Maryland Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Baltimore | $350,000 | $300,000 | $250,000 | $210,000 |
| Columbia | $550,000 | $470,000 | $400,000 | $320,000 |
| Silver Spring | $650,000 | $520,000 | $450,000 | $350,000 |
| Annapolis | $700,000 | $575,000 | $490,000 | $395,000 |
| Rockville | $750,000 | $620,000 | $520,000 | $410,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Maryland
- Property Tax: Maryland's average effective property tax rate is about 1.09%, but rates vary significantly by county. Montgomery County has one of the highest rates at 1.20%, while Worcester County has a lower rate of 0.83%.
- Transfer Tax: Maryland has a state transfer tax of 0.5% of the property value, plus local transfer taxes that vary by county.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Maryland's closing costs include title insurance, recording fees, and other expenses. First-time homebuyers may qualify for tax credits and assistance programs.
Example: On a $450,000 home with 10% down in Baltimore, you pay PMI and property tax of about $4,905 annually. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
The Homestead Tax Credit in Maryland limits the annual increase in taxable assessments for owner-occupied residential properties. This credit caps the increase in assessed value to 10% per year for state property taxes and a lower percentage (often 5%) for local taxes, providing homeowners protection against large assessment increases.
Yes, Maryland offers several assistance programs for first-time homebuyers through the Maryland Department of Housing and Community Development. These include the Maryland Mortgage Program (MMP), which provides competitive interest rates and down payment assistance, and the Maryland SmartBuy program, which helps buyers with student debt purchase a home.
Property taxes in Maryland are calculated by multiplying the assessed value of the property (determined by the State Department of Assessments and Taxation) by the local tax rate, which varies by county and municipality. Properties are reassessed every three years, and the Homestead Tax Credit may limit annual assessment increases for owner-occupied homes.