Typical Maryland mortgage payment
The median home price in Maryland is roughly $420,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,321 | $2,255 |
| 5.50% | $3,432 | $2,385 |
| 6.00% | $3,544 | $2,518 |
| 6.50% | $3,659 | $2,655 |
| 7.00% | $3,775 | $2,794 |
| 7.50% | $3,893 | $2,937 |
| 8.00% | $4,014 | $3,082 |
| 8.50% | $4,136 | $3,229 |
| 9.00% | $4,260 | $3,379 |
| 9.50% | $4,386 | $3,532 |
| 10.00% | $4,513 | $3,686 |
What a Maryland mortgage really costs (PITI)
Principal & interest alone would run about $2,655/month at 6.50% over 30 years. But Maryland's property tax - roughly 1.09% of home value per year here - adds about $382/month, and estimated homeowners insurance adds around $122/month. Your real total monthly payment (PITI) on a $420,000 Maryland home is closer to $3,159/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $135,372/year. A 20% down payment here is $84,000.
Maryland vs. its neighbors
Of Maryland and its neighbors, West Virginia has the lowest estimated total monthly payment - about $1,988 less per month than Maryland.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| West Virginia | $165,000 | 0.58% | $1,171/mo |
| Pennsylvania | $270,000 | 1.58% | $2,141/mo |
| Delaware | $360,000 | 0.58% | $2,554/mo |
| Virginia | $400,000 | 0.82% | $2,918/mo |
| Maryland (this page) | $420,000 | 1.09% | $3,159/mo |
What affects your Maryland payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.