Free refinance calculator tailored for Maryland (MD). Calculate instantly with state-specific rates and rules.
Whether refinancing makes sense depends on how much equity you've built, the rate differential, and how long you plan to stay. In Maryland, where the median home value is $380,000, many homeowners have accumulated significant equity since 2020. 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.
For a rate-and-term refinance to qualify as a conventional loan in Maryland, the balance must stay under $1,089,300. Montgomery and Howard counties qualify for the maximum high-cost conforming limit. Other Maryland counties are at $726,200. Refinancing above this requires a jumbo product.
Expect to pay $5,400 in closing costs on a refinance 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. Your break-even point is when your monthly interest savings equal these upfront costs.
Refinancing doesn't affect your property tax assessment in Maryland — the effective rate stays at 1.09% regardless. Maryland's suburbs of Washington D.C. — Montgomery, Howard, and Prince George's counties — carry some of the highest property tax bills in the state due to premium school systems and services.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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