Mortgage for Maryland (2026)
Maryland (MD) Key Facts
Median Home Price
$400,000
Average Property Tax Rate
1.07%
Average Home Insurance Rate
0.55%
Estimated Monthly Payment
$2,875
First Time Buyer Programs
2
How This Calculator Works in Maryland
This mortgage calculator lets you estimate your monthly payment on a Maryland home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Maryland's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Maryland Overview
Maryland has a median home price of approximately $400K, with an average property tax rate of 1.07% and homeowners insurance averaging 0.55% annually. Transfer tax of 0.5% plus recordation tax varies by county. Maryland Mortgage Program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Maryland Compares
Compared to neighboring states, Maryland's median home price of $400,000 is below the national median of about $420,000. Nearby Virginia has a median price of $380,000 with a 0.82% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Virginia | $380,000 | Median home price is $380,000 with a 0.82% property tax rate. Estimated monthly mortgage payment is about $2,636. |
| Pennsylvania | $275,000 | Median home price is $275,000 with a 1.58% property tax rate. Estimated monthly mortgage payment is about $2,093. |
| Delaware | $340,000 | Median home price is $340,000 with a 0.57% property tax rate. Estimated monthly mortgage payment is about $2,288. |
The median home price in Maryland is $400,000, compared to the national median of approximately $420,000. With a 1.07% average property tax rate and 0.55% insurance rate, Maryland homeowners can expect an estimated monthly payment of about $2,875 on a median-priced home with 10% down at 6.75% interest.
Tips for Maryland Residents
- 1Maryland has a median home price around $400K. Transfer tax of 0.5% plus recordation tax varies by county. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Maryland average 1.07%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore Maryland Mortgage Program & SmartBuy for potential down payment assistance and favorable rates. Maryland also offers Maryland SmartBuy 3.0. Check income limits and eligibility early in your home search.
- 4Closing costs above average due to multiple transfer/recordation taxes. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5SmartBuy helps with student debt. A 0.25% rate difference on a $400K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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