Typical Maryland mortgage payment
The median home price in Maryland is roughly $420,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $3,321 | $2,255 |
| 5.50% | $3,432 | $2,385 |
| 6.00% | $3,544 | $2,518 |
| 6.50% | $3,659 | $2,655 |
| 7.00% | $3,775 | $2,794 |
| 7.50% | $3,893 | $2,937 |
| 8.00% | $4,014 | $3,082 |
At 6.50% over 30 years, a $420,000 home in Maryland costs about $2,655/month in principal & interest.
What affects your Maryland payment?
- Property taxes & insurance vary by county and aren't included above.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price is an approximate estimate. Figures are principal & interest only and exclude taxes, insurance and fees. Not financial advice.