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Our Baltimore, Maryland, mortgage calculator can help you navigate the home-buying process by providing estimates of your monthly payments and total costs. Input the home price, down payment, loan term, interest rate, and property tax rate to view your monthly mortgage payment, total interest paid, and total loan cost. Here’s how to use the Baltimore calculator to your advantage during your home search.
Key Points
• A Baltimore mortgage calculator helps determine your monthly payments and total loan cost, ensuring informed home-buying decisions.
• The loan term, typically 15 or 30 years, impacts your monthly payments and total interest paid, with shorter terms reducing interest but increasing payments.
• The 28/36 rule, which suggests that your mortgage payment should not exceed 28% of your gross monthly income and total debt payments should not exceed 36%, is a key principle in assessing home affordability.
• Down payment assistance programs can significantly reduce the initial financial burden for first-time homebuyers, making homeownership more accessible.
• Strategies to reduce your housing expenses include dropping PMI once you have 20% equity, shopping for lower homeowners insurance rates, and refinancing if you’ve built your credit score.
Baltimore Mortgage Calculator
Calculator Definitions
• Home price: The home price represents the purchase price you have agreed upon with the home seller. This figure helps determine the appropriate home loan amount and monthly payment.
• Down payment: The down payment represents the initial amount a homebuyer contributes upfront, often expressed as a percentage of the total purchase price of the property. Most buyers typically put down between 3% and 20%.
• Loan term: The loan term represents the length of time you have to repay the mortgage. Shorter terms reduce total interest paid but increase monthly payments. Common terms are 15 years and 30 years.
• Interest rate: The interest rate represents the cost of borrowing money, expressed as a percentage of the total loan amount. It can vary based on borrower qualifications and market trends.
• Annual property tax: The annual property tax is a percentage of your home’s assessed value paid to the local government. In Baltimore, property taxes are 1.10%.
• Total monthly payment: The total monthly payment includes the principal, interest, and other components of a mortgage, such as private mortgage insurance (PMI), homeowners insurance, and HOA fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. A higher interest rate or a longer loan term will result in more interest paid. Conversely, a lower interest rate or a shorter loan term can significantly reduce this cost.
• Total loan cost: The total loan cost is the all-in amount you will pay for the loan, including both the principal and the interest. This figure provides a clear view of your overall financial commitment and greatly assists you in comparing different types of mortgage loans.
How to Use the Baltimore, MD Mortgage Calculator
To use the Baltimore mortgage calculator, input the home purchase price, down payment amount, loan term, interest rate, and property tax rate. The calculator will provide an estimate of your monthly mortgage payment, total interest paid, and the total loan cost.
Step 1: Enter Your Home Price
Enter the amount you will pay the seller for the property. The home price determines the size of the home loan you will need. For instance, if the home price is $500,000, and you plan to make a 20% down payment, the remaining loan amount will be $400,000.
Step 2: Select a Down Payment Amount
The down payment is the portion of the home price you agree to pay upfront. A larger down payment can reduce your monthly mortgage payments and the total interest you’ll pay over the life of the loan. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage. Most consumers choose a mortgage with either a 30-year or a 15-year term.
Step 4: Enter an Interest Rate
Input the interest rate you think you might qualify for to the second or third decimal point. A lower interest rate can significantly reduce your monthly payments and total loan cost. If you’re looking at large loan amounts (over $800K), you’ll want to look at rates for jumbo loans.
Step 5: Add Your Annual Property Tax Rate
Property taxes are what you will pay each year to the local government. Enter the property tax percentage, not the dollar amount. The property tax rate in Baltimore is 1.10% of the home’s assessed value.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator estimates monthly payments based on the loan amount, interest rate, and loan term. By plugging in different numbers, you can see how they impact your monthly payments and total interest paid.
The calculator also shows how down payments affect your loan, potentially helping you avoid private mortgage insurance (PMI). Larger down payments, as you can see, lower your monthly payments. Depending on your financial situation, it may make sense to save up for a larger down payment prior to purchasing a home.
Mortgage calculators are also particularly useful for first-time homebuyers, who may not be aware of all that goes into a mortgage payment and how that payment is determined. Keep in mind, though, that the calculator is designed for fixed-rate mortgages. If you choose a loan with a variable rate, your payment will not remain the same throughout the life of the loan.
By using a mortgage payment calculator, you can set realistic savings goals, plan your budget effectively, and ensure that your home purchase is financially feasible.
Deciding How Much House You Can Afford in Baltimore
Baltimore homes averaged $385,000 in 2025, and lenders advise that housing costs should be under 28% of your gross monthly income. To afford a home at this price, you would need an annual income of approximately $88,000, assuming a 20% down payment of $77,000, a 7.00% interest rate on a 30-year mortgage, and monthly payments of around $2,050.
Additionally, your total debt payments, including student loans, car loans, and credit cards, should not exceed 36% of your gross monthly income. According to the example above, if other debts exceed $590 per month, you’ll need a higher income to afford a home at this price. Use a home affordability calculator for a rough estimate based on income and debt obligations.
It can be useful to go through the mortgage preapproval process with a potential lender to get a clear picture of how much of a loan you can afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
The main components of a mortgage payment include the principal and interest. The mortgage principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. Other components of a mortgage payment may include:
• Property taxes: Local government taxes based on the assessed value of your property.
• Homeowners insurance: Protection against damage to your home and personal property.
• Private mortgage insurance (PMI): Required if your down payment is less than 20% of the home’s value.
• HOA fees: Monthly or annual fees paid to a homeowners association for maintenance and management of common areas and amenities in a community.
If you’re considering an FHA loan, you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums.
Likewise, a VA mortgage calculator can be helpful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Baltimore, MD
Baltimore’s cost of living is just slightly higher (about 0.5%) than the national average. Housing and health care fall below the national average, while utilities and transportation are above the national average.
The national average cost of living is benchmarked at 100. In Baltimore, the cost of living index is 100.5. Here’s how Baltimore compares to the national average in other areas:
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
If you’re buying your first home in Baltimore, there are several Maryland down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you typically must not have owned a primary residence within the past three years.
If you’ve closed on your property, there are ways to reduce your mortgage payment. You can:
• Drop private mortgage insurance (PMI) once you have 20% equity in your home. This can be achieved through regular payments or home appreciation, and it can significantly lower your monthly expenses.
• Consider mortgage recasting if you receive a bonus or other windfall. Making a lump sum payment toward your mortgage principal can result in lower monthly payments and a reduced total loan cost.
• Modify your loan if you face financial hardship. This can include lowering the interest rate, extending the loan term, or reducing the principal, making monthly payments more manageable.
• Refinance your mortgage if rates have dropped or you’ve built your credit score. A mortgage refinance allows you to potentially qualify for a lower rate or extend your loan term, both of which could lower your monthly payment. Keep in mind, though, that by extending your term, you’ll pay more in interest over the life of the loan.
• Shop for a lower homeowners insurance rate. You can reduce your premium by increasing your deductible, bundling policies, or making home upgrades that enhance security or storm resistance.
The Takeaway
Using a Baltimore mortgage calculator helps you estimate your monthly payments, understand the components of a mortgage, and determine how much house you can afford in Baltimore. Whether you’re a first-time homebuyer or a seasoned homeowner, a mortgage calculator is an invaluable resource for navigating the complexities of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The average mortgage payment in Baltimore was $2,270 in 2025. Payments can vary based on factors like home price, down payment, and interest rate. To get a precise estimate, use a Baltimore mortgage calculator.
How does my credit score affect my mortgage loan interest rate?
Your credit score plays a significant role in determining your interest rate for a mortgage loan. A higher credit score can lead to a lower interest rate, reducing your monthly payments and the total cost of the loan. To build your credit score, make your loan payments on time, keep your credit utilization ratio low, and dispute any errors on your credit report.
What are principal and interest on a mortgage loan?
The principal is the amount you borrow to purchase the home, while the interest is the cost of borrowing that principal. In the early years of your mortgage, a larger portion of your monthly payment goes toward interest, but over time, more of it pays down the principal.
How much should I put down on a mortgage?
Deciding on a down payment is a crucial part of the homebuying process, with most buyers putting down between 3% and 20%. A larger down payment can reduce your monthly mortgage payment and the total interest you pay over the life of the loan. However, it’s important to balance this with other financial goals. Use a down payment calculator to explore different scenarios and determine the optimal amount for your budget.
Should I choose a 30-year or 15-year mortgage term?
When choosing a loan term, consider your finances. A 30-year mortgage offers lower payments, easing cash flow, but increases total interest. A 15-year mortgage has higher payments but saves on interest and builds equity faster. Use a mortgage calculator to compare costs and payments for each loan type.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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