Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Maryland homebuyers.
Pre-filled with Maryland medians. Adjust for your property.
Estimated closing costs based on Maryland tax rates and fees.
The median home price in Maryland is $420,000, with property taxes averaging 1.09% annually. Maryland's property tax rate is roughly in line with the national average.
Closing costs in Maryland average $11K (2.5%% of purchase price). The state charges a 1.5% transfer tax on real estate transactions, which significantly increases closing costs. Homeowners insurance runs approximately $1,700 per year. This is within the normal range nationally.
Maryland offers the MD Mortgage Program for first-time buyers: Up to $25,000 DPA. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Maryland is a higher-cost market. At $420K median, buyers need significant savings or strong income. Down payment assistance and competitive rate-shopping become especially important.