Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Maryland
Maryland's housing market is heavily influenced by its proximity to Washington, D.C., and the concentration of federal government workers, contractors, and associated private sector employees. Montgomery County and Prince George's County — the two Maryland counties bordering the District — command some of the highest prices in the state, with Montgomery County routinely exceeding $600,000 for median home prices. Howard County, situated between Baltimore and DC, is known for exceptional schools and planned communities like Columbia.
Baltimore City and its inner suburbs offer a very different market — one characterized by older row homes and greater price variability by neighborhood. The city's inner harbor and neighborhoods like Canton, Fells Point, and Federal Hill attract young professionals with renovated row homes at price points well below Montgomery County. Frederick, Carroll, and Harford counties to the north offer family-friendly suburban living with commuter access to both Baltimore and Washington.
First-time buyers in Maryland benefit from the state transfer tax exemption — a meaningful savings given Maryland's layered transfer taxes that can total 1.5–2% of the sale price between state and county. The Maryland Mortgage Program also provides competitive rates and up to $6,000 in down payment assistance for qualifying buyers.
Key Housing Facts for Maryland
Average home price: $405,000
Average effective property tax rate: 0.99%
Average homeowners insurance: $1,400/year
State transfer tax: 0.5% (first-time buyers exempt for primary residence)
Most expensive markets: Montgomery County, Howard County, Bethesda
More affordable markets: Western Maryland, Eastern Shore, Baltimore City
Frequently Asked Questions
Maryland's average effective property tax rate is approximately 0.99%, near the national average. On a $405,000 home, you'd pay roughly $4,010 per year in property taxes. Maryland has both state and county property taxes, and rates vary significantly by county. Montgomery and Howard counties have higher rates but also higher median incomes and strong school systems.
Maryland Mortgage Program (MMP) through Maryland Department of Housing and Community Development offers 30-year fixed-rate mortgages at competitive rates plus down payment assistance of up to $5,000 (or more in targeted areas). The 1st Time Advantage 6000 program provides $6,000 in zero-interest deferred loan assistance. Partner Match programs can further increase assistance up to $2,500.
Yes. Maryland has a state transfer tax of 0.5% of the sale price (first-time buyers may be exempt for the state portion) plus county transfer taxes that vary by jurisdiction, typically 1–1.5%. Total transfer taxes on a $405,000 home can range from $2,000–$8,000. First-time homebuyers are exempt from the state transfer tax on their primary residence.
Maryland's most affordable markets are generally in Western Maryland (Cumberland, Hagerstown) and on the Eastern Shore (Salisbury, Cambridge). Baltimore City and its immediate suburbs offer more affordable options than DC-adjacent Montgomery and Prince George's counties. Carroll, Cecil, and Frederick counties offer suburban living with lower prices than closer-in Washington suburbs.