Down Payment Calculator for Maryland

Down Payment Planning in Maryland

With a median home value of $380,000 in Maryland, here's what different down payment tiers look like:

• 3% (First-time buyer programs): $11,400
• 3.5% (FHA minimum): $13,300
• 10% (Avoid PMI with some lenders): $38,000
• 20% (Eliminate PMI entirely): $76,000

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. If your loan exceeds this, you'll need jumbo financing, which typically requires a 20%+ down payment.

Closing Costs to Plan For

Beyond your down payment, budget for closing costs of around $5,400 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.

Property Tax Impact

Maryland's effective property tax rate is 1.09% (average annual bill: $3,633). A larger down payment reduces your monthly mortgage but property taxes remain constant regardless of how much you put down.

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