What is the average mortgage rate in Maryland in 2026?

The average 30-year fixed mortgage rate in Maryland is approximately 6.8% as of 2026, close to the national average of 6.8%. Rates vary by lender, credit score, and loan type.

What is the average monthly mortgage payment in Maryland?

For a $440,000 home with 20% down in Maryland, the estimated PITI (principal, interest, taxes, and insurance) is approximately $2,783/month at 6.8%.

Do I need PMI in Maryland?

Yes — if your down payment is less than 20%, lenders in Maryland require Private Mortgage Insurance (PMI). This typically adds 0.5–1% of the loan amount per year to your payment. PMI is removed once you reach 20% equity.

What is the average home price in Maryland?

The median home price in Maryland is approximately $440,000 in 2026, based on recent market data. Prices vary significantly by city and county.

What is the property tax rate in Maryland?

Maryland's effective property tax rate is approximately 0.99%, which translates to roughly $4,356 per year on a $440,000 home.

Maryland Mortgage Calculator 2026

Estimate your full monthly mortgage payment in Maryland — principal & interest, property taxes, homeowner insurance, and PMI if applicable. Uses the 6.8% average 2026 rate and Maryland-specific costs. Calculated privately in your browser.

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The Maryland Mortgage Calculator estimates your complete monthly housing cost — principal, interest, property tax, insurance, and PMI — using real 2026 data for Maryland. Enter any home price, down payment, and rate to get an instant PITI breakdown.

How Maryland Mortgage Rates Compare in 2026

The average 30-year fixed mortgage rate in Maryland is approximately 6.8% in 2026 — equal to the 6.80% national average. Rates in Maryland are influenced by local housing demand, median credit scores, and the share of conforming versus jumbo loans in the market.

On a $440,000 home with 20% down, a 6.8% rate produces a monthly principal and interest payment of approximately $2,295. A 0.25% rate increase adds roughly $44 to your monthly payment, so shopping multiple lenders can save thousands over the life of the loan.

Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk. Most Maryland homebuyers choose 30-year fixed loans for payment predictability, especially with home prices currently at $440,000. FHA loans (3.5% down) and VA loans (0% down for veterans) are also popular in Maryland.

Last updated: May 2026. Rates shown are estimates based on national Freddie Mac data adjusted for Maryland market conditions.

Maryland-Specific Closing Costs and Fees

Beyond your down payment, Maryland homebuyers pay closing costs averaging 2–5% of the loan amount. On a $352,000 loan, that is approximately $7,040–$17,600 due at closing. Key fees include:

Origination fee: 0.5–1% of the loan amount for lender processing.
Title insurance: Protects against prior ownership claims. Required by most Maryland lenders.
Appraisal: $400–$700 to confirm the home value matches the purchase price.
Prepaid property taxes: Maryland lenders typically collect 2–3 months of property tax at closing into an escrow account. At 0.99%, that is approximately $1,089 upfront.
Homeowners insurance: First year premium (~$1,500) is usually paid at closing.
Transfer taxes: Vary by county in Maryland — ask your agent for local rates.

Some of these costs are negotiable. Sellers sometimes cover a portion of buyer closing costs as a concession, particularly in slower Maryland markets.

First-Time Buyer Programs in Maryland

Maryland Mortgage Program (MMP) offers down payment assistance and competitive rates. These programs can reduce the cash needed to close by thousands of dollars, making homeownership more accessible in Maryland's current market.

FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — ideal for first-time buyers in Maryland who have limited savings. USDA loans offer 0% down for eligible rural properties in Maryland. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.

If your down payment is below 20%, Private Mortgage Insurance (PMI) adds approximately $176/month to your payment at a 0.6% annual rate. PMI can be removed once your loan-to-value ratio reaches 80%, so making extra payments accelerates the timeline to dropping PMI.

Maryland Transfer + Recordation Tax on Home Purchase

Buyers often forget that Maryland charges two transfer-style taxes at closing on top of the down payment and origination costs — and both apply in every Maryland county. The state transfer tax is 0.5% of the sale price (usually split 50/50 with the seller unless the contract says otherwise), reduced to 0.25% for a first-time Maryland homebuyer buying an owner-occupied home under Md. Tax-Property §13-203. On a $440,000 home the state transfer tax is $2,200 (or $1,100 for a first-time buyer). The county recordation tax ranges from $2.50 to $12 per $500 of the loan amount — Montgomery County charges $8.90/$500 (roughly $6,266 on a $352,000 loan), Prince George's $5.50/$500, Baltimore City $10/$500. Add a county transfer tax of 0.5%–1.5% (Montgomery 1%, Prince George's 1.4%, Baltimore City 1.5%, Baltimore County 1.5%). On a Montgomery County $440,000 purchase a non-first-time buyer commonly pays $2,200 state transfer + $4,400 county transfer + $6,266 recordation ≈ $12,866 in Maryland-specific taxes at closing on top of everything else. Confirm current rates for your county at the Maryland State Department of Assessments and Taxation (SDAT) before you budget cash-to-close. Updated 2026-07-09.