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House hunting can be stressful, but online tools like the Maryland mortgage calculator can make the process smoother. Just input a few numbers, and the calculator will quickly tell you your monthly payment and the total interest you’ll pay over the life of the home loan. Whether you’re a first-time homebuyer or a seasoned property owner, these calculators provide valuable insights to help you come up with a comfortable budget for your home loan.
Key Points
• A mortgage calculator can help homebuyers understand the financial aspects of purchasing a home.
• Down payments can range from 3% to 20% of a home’s purchase price.
• Down payment assistance programs are available to help some consumers.
• The Maryland mortgage calculator estimates monthly mortgage payments and total interest.
• Loan terms are typically from 10 to 30 years.
Maryland Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller. This may differ from the listing price and your initial offer.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%. A down payment calculator can show you the dollar amount of different percentages.
• Loan term: Most mortgages are paid off over a 30-year or 15-year term, though 10- and 20-year terms are also available. A longer term will have lower payments but more interest paid over the life of the home loan. A shorter term means higher monthly payments but less interest paid overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and the type of mortgage loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of the assessed value. Look up the property tax rate by searching the ZIP code or town name and “effective property tax rate” or use the average Maryland rate of 0.9%
• Monthly payment: The monthly payment shown by the Maryland calculator includes the principal, interest, and property taxes. Remember that you may also need to pay for private mortgage insurance (PMI), homeowners insurance, and homeowners association (HOA) fees.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the loan. This figure can be substantial, especially for longer loan terms. By using a mortgage calculator, you can see how different down payment amounts, interest rates, and loan terms affect the interest paid.
• Total loan cost: The total loan cost is the all-in amount you will repay for the loan, including principal and interest. This figure gives you a clear understanding of the long-term financial commitment you’re making.
How to Use the Maryland Mortgage Calculator
Step 1: Enter Your Home Price
Enter the final negotiated price you will pay the seller for the property. This helps the calculator provide a more accurate estimate of your monthly mortgage payments.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you will pay upfront. A larger down payment can reduce your monthly mortgage payments and potentially eliminate the need for private mortgage insurance (PMI).
Step 3: Choose a Loan Term
Select the duration over which you will repay your mortgage, typically 15 or 30 years. A longer term results in lower monthly payments but higher total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. This significantly affects your monthly mortgage payment and the total cost of the loan.
Step 5: Add Your Property Tax
Enter the percentage of your home’s value that you will pay each year as property tax. Property taxes can vary by location and impact your total monthly mortgage payment.
A mortgage calculator helps homebuyers estimate affordability by calculating monthly payments and total loan costs based on loan amount, interest rate, and term. This calculator also factors in your property taxes, which are often held in escrow by your mortgage company and then paid to the insurer. (It’s in the lender’s interest for your property to remain insured.)
Particularly if you are buying your first home and the world of mortgage rates is new to you, you can easily get up to speed on how different interest rates or down payment amounts might impact costs by using this calculator.
Deciding How Much House You Can Afford in Maryland
In Maryland, the median home sale price in mid-2025 was around $461,000, according to Redfin. Given that lenders advise keeping mortgage payments below 28% of gross monthly income, you’d likely need a minimum income of $107,000 to purchase a home worth $461,000, assuming you don’t have any other significant debts. This assumes a 20% down payment ($92,200) for a 30-year, 7.00% mortgage. The monthly payment including property tax and home insurance would be $2,454.
Another way to determine your housing budget in Maryland is to work backward from your income, using a home affordability calculator, which will take into consideration other debts you may have, such as a car payment or student loan payment. You could also go through the mortgage preapproval process with a lender. You would provide detailed financial information and the lender would preapprove you, if you qualify, for a loan amount.
Components of a Mortgage Payment
A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). But your monthly payment might also include property tax, which is based on your home’s value. If your down payment is below 20%, private mortgage insurance (PMI) may be required. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Maryland
The cost of living in Maryland can impact how much house you can afford. Maryland is considered fairly expensive, with a cost of living that is 15 points above the average cost of living in the U.S., according to the Missouri Economic Research and Information Center.
The state’s median home price is above the U.S. average, and utilities and groceries tend to be priced higher here, too. If you’re exploring where you might live in Maryland, the Bethesda area has a noticeably higher cost of living than Baltimore and its environs, and there are definitely homes that would require a jumbo loan.
But there is good news for those on a tight budget: Salisbury, Havre de Grace, and Aberdeen all made a list of the best affordable places in the U.S.
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.
Tips on Reducing Your Mortgage Payment
The interest rate you get when you buy your home could change if you explore one of these options for curbing monthly payments.
• Once you have built up 20% equity in your home, request that your lender drop PMI.
• Recast your mortgage by making a lump sum payment toward the principal and asking the lender to recompute your costs.
• Do a mortgage refinance if rates have dropped (or your credit score has improved in a big way, which might qualify you for a lower rate). Make sure you consider closing costs when you look at refinancing.
• Appeal property taxes if you feel yours are unusually high. Use caution, however, if you have done any home improvements, as these can sometimes trigger a higher tax assessment versus a reduction.
• If you are experiencing financial hardship, ask your lender to modify your loan to lower payments.
• Extend the loan term to reduce monthly payments. This will help in the short term, but you will pay more interest over the life of the loan.
• Shop for lower-cost homeowners insurance. You might raise your deductible, bundle policies, or seek out a discount for a home security system, for example.
Maryland First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are down payment assistance programs available to help you cover the initial costs. To qualify, you must not have owned a primary residence within the past three years. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. The state has a pretty robust group of first-time homebuyer programs for Maryland residents. For example, the Maryland Department of Housing and Community Development offers various assistance options, including grants and low-interest loans to cover part of the down payment.
The Takeaway
A Maryland mortgage calculator is a powerful tool for anyone considering a home loan in the Old Line State. It helps estimate monthly payments, total interest, and the overall cost of the mortgage, taking into account your down payment amount and property tax rate. The calculator provides a solid starting point; getting preapproved for a mortgage can give you an precise assessment of your mortgage options and to ensure you meet the lender’s requirements.
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.
A mortgage payment includes principal and interest on a mortgage loan used to purchase a home or other property. If you put down less than 20% on the property, the payment will likely also include private mortgage insurance (PMI). Some lenders also roll property taxes, homeowners insurance costs, and even homeowners association dues into the monthly payment. Understanding which of these components are part of your loan can help you budget more effectively.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly influences your mortgage interest rate. A higher score generally leads to more favorable rates, while a lower score may result in higher rates, increasing the total cost of your loan.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal, expressed as a percentage. When you start a mortgage, your early payments will go mostly toward interest; as you make more monthly payments, the amount that goes toward the principal gradually shifts and you build more equity in your property.
How much is a $600,000 mortgage payment for 30 years?
The cost of a $600,000 mortgage with a 30-year term will depend on your interest rate. At an interest rate of 8.00%, the payment would be $4,402.59. If you obtained a rate of 6.00%, you would pay less: $3,597.30 per month. This estimate includes principal and interest but not property taxes, insurance, or other fees.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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