Maryland Mortgage Calculator for Home Buyers
This free Maryland mortgage calculator estimates your monthly payment on any Maryland home. Enter the home price, down payment, interest rate, and loan term — you’ll get an instant breakdown of principal and interest, total interest paid, and the full cost over the life of the loan.
30-Year Fixed
Most common loan type for Maryland buyers — verify today’s rate with your lender
$460K
Median Southern Maryland home price (Bright MLS, May 2026)
3.5% Min
FHA minimum down payment — Maryland programs may help cover more
Maryland Mortgage Calculator
PMI typically applies when down payment is less than 20%. Adjust or set to 0 if not applicable.
Estimate only. Actual taxes vary by county and assessed value. Consult a lender for a precise quote.
What This Maryland Mortgage Calculator Doesn't Include
The number you see is your principal and interest payment only. Your actual monthly housing cost in Maryland will also include:
- Property taxes: Rates vary by county and are based on assessed value. Annual property taxes on a $450,000 home in Southern Maryland typically run $3,500–$6,000 depending on county. Prince George's and Howard counties tend to be higher; Calvert and St. Mary's tend to be lower.
- Homeowner's insurance: Typically $100–$180/month on a $400,000–$500,000 home in Southern Maryland.
- PMI (Private Mortgage Insurance): Required when your down payment is under 20%. Usually 0.5–1.5% of the loan amount annually, split into monthly payments and added to your mortgage bill.
- HOA fees: Range from $0 to $500+/month depending on community. Many Southern Maryland neighborhoods have no HOA; newer planned communities in Charles and Calvert counties often do.
On a $450,000 home in Charles County with 10% down, total monthly housing costs (P&I + taxes + insurance + PMI) typically run $350–$500 more per month than the calculator payment alone.
How Much House Can You Afford in Southern Maryland?
A standard rule of thumb: keep your total housing payment (principal, interest, taxes, and insurance) under 28% of your gross monthly income. At 7% on a 30-year loan with 20% down, rough monthly P&I estimates look like this:
- $350,000 home — approximately $1,863/month P&I
- $450,000 home — approximately $2,395/month P&I
- $550,000 home — approximately $2,927/month P&I
These are rough benchmarks at one rate. Your lender will look at your full debt picture — car payments, student loans, credit cards — to calculate your actual debt-to-income ratio. Getting pre-approved before you start shopping gives you a real, lender-verified number instead of an estimate.
👉 For a full breakdown of what you'll owe at closing, see our guide to buyer closing costs in Maryland.
Should You Put 20% Down?
Putting 20% down eliminates PMI, which can add $150–$400/month to your payment. But 20% on a $450,000 home is $90,000 — real money. Some buyers are better off putting less down and keeping cash reserves for repairs, moving costs, and emergencies.
With an FHA loan (3.5% down minimum), you'll pay a mortgage insurance premium for the life of the loan unless you later refinance into a conventional mortgage. Maryland's Maryland Mortgage Program (MMP) offers first-time buyer down payment assistance that may reduce what you need at closing. Ask your lender whether you qualify.
Frequently Asked Questions
What is a good monthly mortgage payment in Maryland?
Most lenders recommend keeping your total housing payment (mortgage, taxes, insurance) under 28% of your gross monthly income. For a household earning $100,000/year (about $8,333/month), that's roughly $2,333 or less in total housing costs. Southern Maryland home prices ($440K–$485K depending on county as of May 2026) put most buyers in the $2,500–$3,200/month total range when you add taxes and insurance to the mortgage.
What is the monthly payment on a $400,000 home in Maryland?
At 7% interest on a 30-year loan with 20% down ($80,000 down, $320,000 loan), the monthly principal and interest payment is approximately $2,129. Add property taxes and homeowner's insurance and your total monthly cost typically runs $2,500–$2,700 depending on county.
Do Maryland first-time buyers need 20% down?
No. FHA loans require as little as 3.5% down. Conventional loans can go as low as 3–5% with PMI. Maryland's Mortgage Program (MMP) offers down payment assistance for qualifying first-time buyers. See our guide to buying a home in Southern Maryland for more on the full process.
Questions About What You Can Afford?
I work with buyers across Southern Maryland — Charles, Calvert, St. Mary's, Prince George's, Anne Arundel, and Howard counties. If you want an honest conversation about your budget and what buying in this market actually looks like, reach out below.
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Two Licensed Sets of Eyes on Your Purchase
When you work with James, you also get Aimee — a licensed Maryland real estate professional with over a decade of experience, born and raised right here. Once you're under contract, Aimee tracks every deadline and contingency, coordinates with your title company and lender, and keeps everything on schedule so nothing slips through the cracks. Two licensed pros watching every detail of your home purchase.
Disclaimer: Calculator results are estimates for illustrative purposes only and do not account for taxes, insurance, HOA fees, or loan-specific costs. This is not a loan commitment or guarantee of any rate or payment. Contact a licensed Maryland mortgage lender for a formal quote.