Refinance Calculator – Maryland
Maryland homeowners refinance to lower interest rates, reduce monthly payments, or adjust loan terms in a state with higher-than-average home prices and competitive lending markets.
This Maryland refinance calculator helps you determine whether refinancing creates real savings after accounting for closing costs.
Maryland Mortgage Refinance Calculator
Why Refinancing in Maryland Is Different
Maryland has relatively high median home prices compared to many states, which increases the potential impact of interest rate reductions.
Proximity to Washington, D.C. and Northern Virginia creates strong competition among lenders, often benefiting borrowers with good credit.
Many homeowners refinance to manage larger loan balances more efficiently.
Maryland Refinance Examples
Example 1 – Monthly Savings:
A $360,000 balance refinanced from 6.8% to 6.0% with $5,800 in closing costs
may save ~$185 per month, breaking even in ~31 months.
Example 2 – Term Reduction:
Switching from a 30-year to a 20-year loan increases monthly payments but
saves tens of thousands in interest.
Example 3 – High-Balance Loans:
Homeowners with larger balances benefit most from small rate reductions.
Is Refinancing Worth It in Maryland?
| Situation | Refinancing Impact |
|---|---|
| Rate drop ≥ 0.75% | Often worthwhile |
| High loan balance | Greater savings potential |
| Short-term ownership | Usually not beneficial |
| Long-term residence | Higher savings potential |
Frequently Asked Questions – Maryland Refinance
Are refinance closing costs high in Maryland?
They can be higher due to larger loan balances and local fees.
Does refinancing change Maryland property taxes?
No. Property taxes are determined by local assessments.
Is refinancing common in Maryland?
Yes, especially in the D.C. metro region.
Are refinance rates higher than purchase rates?
Refinance rates are typically slightly higher.
Can I refinance more than once?
Yes, but repeated refinancing increases total borrowing costs.
Does refinancing affect credit score?
A small, temporary dip is normal.
Is cash-out refinancing popular in Maryland?
Yes, often used for renovations or consolidating high-interest debt.
Should I refinance if I plan to move soon?
Only if the break-even period occurs before selling the home.
Related Mortgage & Refinance Tools
- Refinance Calculator (USA)
- Refinance Calculator by State
- Maryland Mortgage Calculator
- Extra Payment Calculator
Disclaimer
This refinance calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.