What are average mortgage rates in Maryland in 2026?

Mortgage rates in Maryland generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Maryland mortgage calculator to model your payment at current rates.

How much are closing costs in Maryland?

Closing costs in Maryland typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Maryland mortgage calculator to include closing costs in your calculation.

What are property tax rates in Maryland?

Property tax rates in Maryland range from 0.3% to 2.5% of assessed value. CalcDeck's Maryland calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Maryland?

Maryland offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Maryland calculator to see how programs affect your payment.

How do I use the CalcDeck Maryland mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Maryland averages. Get instant monthly payment, total interest, and amortization schedule.

Maryland Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Maryland homeowners.

Maryland at a Glance

Median Home Price: $410,000
Property Tax Rate: 1.01%
Median Household Income: $98,512
Annual Property Tax: $4,141

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Maryland

Based on the Maryland median home price of $410,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$328,000	$389,500
Principal and Interest	$2,117	$2,513
Property Tax (MD)	$345	$345
Homeowners Insurance	$125	$125
PMI	$0	$162
Total Monthly	$2,587	$3,146

How Much House Can You Afford in Maryland?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$110,854/year to afford Maryland's median home
With 5% down, you need ~$134,817/year
Maryland's median household income is $98,512

Maryland insight: Maryland's property tax rate of 1.01% is near the national average.

Maryland Housing Market Overview

Maryland's housing market is shaped by proximity to Washington, D.C. and federal government employment. The statewide median of $410,000 masks wide variation: Montgomery County exceeds $550,000, Baltimore County $340,000, and rural Western Maryland counties dip below $250,000. Inventory is tight at 2.4 months. The median household income of $98,512 is among the nation's highest, yielding a price-to-income ratio of 4.2. The effective property tax rate of 1.01% is moderate, but Maryland has a state income tax and county piggyback taxes that reduce disposable income. Annapolis and waterfront properties command premiums, while Hagerstown and Cumberland offer better value. Defense and cybersecurity industries (Fort Meade, NSA) drive demand in Anne Arundel and Howard counties.

First-Time Homebuyer Programs in Maryland

The Maryland Department of Housing and Community Development (DHCD) offers the Maryland Mortgage Program (MMP), providing 30-year fixed-rate mortgages with down payment assistance up to $5,000 via the Flex 3% grant. The Maryland HomeCredit program (MCC) offers a 20% federal tax credit on mortgage interest. DHCD also administers the Maryland Homeownership programs through local partners, providing up to $30,000 in down payment assistance in targeted areas. Montgomery County's Moderately Priced Dwelling Unit (MPDU) program offers below-market homes for income-qualified buyers. Baltimore City's Live Near Your Work program provides $2,000–$17,000 grants for city employees. Income limits: Montgomery County caps at $117,000 for a two-person household; Baltimore City caps at $99,000.

Tips for Homebuyers in Maryland

1) Maryland's effective 1.01% property tax varies by county—Montgomery County is ~0.9%, Baltimore City ~1.2%, so verify local rates before buying. 2) Homeowners insurance averages $1,100/year, but flood insurance is essential in Annapolis, Ellicott City, and coastal areas. 3) The D.C. commuter market (Montgomery, Prince George's, Howard counties) sees bidding wars on homes under $500,000; be prepared with a strong pre-approval. 4) Late summer (August–September) offers the best inventory; winter has fewer listings but more negotiable sellers. 5) Lead paint is a major issue in Baltimore and older suburbs; homes built before 1978 must disclose lead hazards. 6) Septic systems are common outside municipal areas in Anne Arundel and Harford counties—budget $400–$700 for septic inspections.

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Maryland Mortgage FAQ

What is the median home price in Maryland?

The median home price in Maryland is approximately $410,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Maryland?

The effective property tax rate in Maryland is approximately 1.01% (Tax Foundation). On a $410,000 home, that is about $4,141/year in property taxes.

How much income do I need to buy a home in Maryland?

Using the 28/36 rule with 20% down at 6.7%, you would need about $110,854/year to afford the median Maryland home at $410,000. With 5% down (including PMI), about $134,817.

What will my monthly mortgage payment be in Maryland?

On Maryland's median home price of $410,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,587. With 5% down including PMI, about $3,146.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.