Amortization Calculator for Maryland

Mortgage Amortization in Maryland

Maryland homebuyers typically finance homes near the median value of $380,000. D.C. suburbs have remained among the most resilient housing markets nationally, with steady demand from federal government workers. Baltimore city is significantly more affordable.

Conforming Loan Limits in Maryland

The conforming loan limit in Maryland is $1,089,300. Montgomery and Howard counties qualify for the maximum high-cost conforming limit. Other Maryland counties are at $726,200. Loans up to this amount qualify for conventional Fannie Mae/Freddie Mac financing, the most common amortized mortgage product.

Understanding Your Full Monthly Cost in Maryland

Amortization shows your principal and interest payment, but your true monthly housing cost includes:

• Property taxes: Maryland's effective rate is 1.09% — roughly $345/month at the median home value
• Homeowner's insurance: Typically $100–200/month in most Maryland markets
• PMI: Required if your down payment is under 20%, usually 0.5–1% of the loan annually

Closing Costs at Purchase

Expect to pay around $5,400 in closing costs when buying in Maryland. Maryland has some of the highest closing costs in the US. Transfer taxes are 0.5% at the state level plus local taxes (1.5% in Baltimore City). The state also imposes recordation taxes.

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