Mortgage Calculator — Maryland
Pre-filled with Maryland's average home price of $400000, property tax rate of 0.92%, and average insurance of $1700/year. Adjust any value below.
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Maryland Housing Market
Maryland's housing market is heavily influenced by the DC metro economy. Montgomery and Prince George's counties — suburban DC — command premium prices driven by federal employment and contractor jobs. Baltimore city offers more affordable options.
Affordability in Maryland
Suburban DC in Montgomery County has medians exceeding $550,000, while Baltimore city neighborhoods offer much more accessible entry points. Western Maryland counties remain affordable for buyers willing to commute or work remotely.
Key Markets
First-Time Buyer Programs in Maryland
1st Time Advantage
Fixed-rate first mortgage for first-time buyers, with income and price limits.
MMP Down Payment Assistance
0% deferred loan toward down payment and closing costs, repaid when you sell, refinance or pay off the mortgage.
SmartBuy
Helps pay off qualifying student debt at closing for eligible buyers purchasing with an MMP loan.
Programs are run by the Maryland Mortgage Program (DHCD). Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Maryland
The Homestead Tax Credit limits increases in a primary residence's taxable assessment to 10% or less a year (many counties use a lower cap). Homes are reassessed every three years. At Maryland's average effective rate of 0.92%, a $400,000 home pays roughly $3,680/year (about $307/month).
Maryland Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Maryland
Maryland has some of the highest closing costs in the country. The state transfer tax is 0.5%, and county transfer and recordation taxes can add 1%–2% more. First-time buyers are exempt from the buyer's half of the state transfer tax, and some counties give recordation tax breaks.
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