Mortgage Calculator – Maryland
Maryland features diverse housing markets, from high-cost areas near Washington D.C. to more affordable suburban and rural regions.
This Maryland mortgage calculator helps you estimate realistic monthly payments by including loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – Maryland
Why Mortgage Costs in Maryland Are Higher in Some Areas
Maryland’s proximity to Washington D.C. increases housing demand and prices, especially in counties near the capital.
Property taxes vary significantly by county, affecting monthly mortgage payments across the state.
Insurance costs are moderate, but coastal and flood-prone areas may require additional coverage.
Maryland Mortgage Examples
Example 1: A $420,000 home with 20% down at 6.8% over 30 years may result in a monthly payment around $2,200 including taxes and insurance.
Example 2: Homes in Montgomery and Prince George’s counties often carry higher prices than rural areas.
Example 3: Buyers moving farther from D.C. may find more affordable options with lower monthly costs.
15-Year vs 30-Year Mortgage in Maryland
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | Faster payoff | Flexibility |
Frequently Asked Questions – Maryland Mortgage
Is Maryland expensive for homebuyers?
Some regions are expensive, especially near Washington D.C., while other areas remain affordable.
Does this Maryland mortgage calculator include property taxes?
Yes. You can include estimated property tax and insurance costs.
Are property taxes high in Maryland?
Property taxes vary by county and municipality.
Do Maryland buyers need PMI?
PMI may apply if your down payment is below 20%.
Are mortgage rates higher in Maryland?
Rates generally follow national averages.
Does this calculator include HOA fees?
No. HOA fees should be budgeted separately.
Is refinancing common in Maryland?
Yes. Homeowners refinance to lower rates or adjust loan terms.
Do coastal areas require flood insurance?
Some coastal and low-lying regions may require flood insurance.
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Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.