Maryland Mortgage Calculator
Estimate your monthly mortgage payment in Maryland with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Maryland is $440,000 with an effective property tax rate of 1.06%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $26,698.56 | $3,934.42 | $22,764.14 | $348,065.58 |
| 1 | $2,224.88 | $318.21 | $1,906.67 | $351,681.79 |
| 2 | $2,224.88 | $319.94 | $1,904.94 | $351,361.85 |
| 3 | $2,224.88 | $321.67 | $1,903.21 | $351,040.18 |
| 4 | $2,224.88 | $323.41 | $1,901.47 | $350,716.77 |
| 5 | $2,224.88 | $325.16 | $1,899.72 | $350,391.61 |
| 6 | $2,224.88 | $326.93 | $1,897.95 | $350,064.68 |
| 7 | $2,224.88 | $328.70 | $1,896.18 | $349,735.98 |
| 8 | $2,224.88 | $330.48 | $1,894.40 | $349,405.50 |
| 9 | $2,224.88 | $332.27 | $1,892.61 | $349,073.23 |
| 10 | $2,224.88 | $334.07 | $1,890.81 | $348,739.16 |
| 11 | $2,224.88 | $335.88 | $1,889.00 | $348,403.28 |
| 12 | $2,224.88 | $337.70 | $1,887.18 | $348,065.58 |
Year 2 | $26,698.56 | $4,197.88 | $22,500.68 | $343,867.70 |
Year 3 | $26,698.56 | $4,479.03 | $22,219.53 | $339,388.67 |
Year 4 | $26,698.56 | $4,779.01 | $21,919.55 | $334,609.66 |
Year 5 | $26,698.56 | $5,099.05 | $21,599.51 | $329,510.61 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Maryland Housing Snapshot
| Median Home Value | $440,000 |
| Effective Property Tax Rate | 1.06% |
| Estimated Annual Property Tax | $4,664 |
| State Income Tax | Up to 5.75% state plus county piggyback 2.25% to 3.2% |
| Homestead Exemption | Homestead tax credit caps annual assessment increases at 10% (state); county caps vary 0% to 10% |
| Avg Homeowners Insurance | $1,395/yr |
| Transfer & Recording Taxes | State transfer tax 0.5%; county transfer tax 0.5% to 1.5%; state recordation tax $5 per $1,000 |
What Makes Buying in Maryland Different
Maryland combines moderate state property tax (1.06% effective) with one of the highest combined state-and-county income tax burdens in the country. State income tax reaches 5.75% and counties piggyback an additional 2.25% to 3.2%, for combined top marginal rates around 8.95%. The state homestead tax credit caps annual assessment increases at 10%, with county-specific caps often lower (Baltimore City 4%, Howard County 5%). Maryland's housing market is highly bimodal. The Washington DC suburbs (Montgomery County: Bethesda, Rockville, Potomac) command some of the highest prices in the US outside the West Coast, with median values exceeding $1 million in inner-ring suburbs. Baltimore City itself remains highly affordable at a $195,000 median, though more rural northern and Eastern Shore counties have similar pricing. Transfer and recordation taxes are significant in Maryland: combined state and county charges typically total 1.5% to 2% of sale price, which on a $440,000 home is $6,600 to $8,800.
Top Cities in Maryland
| City | Median Home Value |
|---|---|
| Baltimore | $195,000 |
| Columbia | $525,000 |
| Bethesda | $1,175,000 |
| Rockville | $645,000 |
| Frederick | $475,000 |
The state caps annual assessment increases on owner-occupied primary residences at 10%, with counties allowed to set lower caps. Baltimore City caps at 4%, Howard at 5%, Montgomery and Prince George's at 10%. When market values rise faster than the cap, the difference accumulates as 'phantom assessment' that does not become taxable until you sell. Apply once for the credit; it stays in place as long as the home remains your primary residence.
Maryland is one of only six US states where counties piggyback income tax on top of state. State tax tops at 5.75% on income over $250,000 single. Counties add 2.25% (Worcester) to 3.2% (most major counties including Montgomery, Howard, Baltimore City). Combined top marginal rate around 8.95% is among the highest in the country, behind only California, Hawaii, and New York City.
Maryland has some of the highest closing costs in the US. State transfer tax is 0.5% of sale price, county transfer tax adds 0.5% to 1.5% depending on county, and state recordation tax is $5 per $1,000 of value (0.5%). On a $440,000 home in Montgomery County (1% county transfer tax), combined transfer and recordation taxes total around $8,800 to $10,560.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.