Monthly Payment on a $150K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$150K Mortgage in Maryland: Rate Comparison
Monthly PITI payment using Maryland's 1.09% property tax and $1,700/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,170 | $1,123 | $959 |
| 6.0% | $1,215 | $1,166 | $997 |
| 6.5% | $1,262 | $1,210 | $1,036 |
| 7.0% | $1,309 | $1,255 | $1,076 |
| 7.5% | $1,357 | $1,301 | $1,117 |
| 8.0% | $1,407 | $1,347 | $1,158 |
How This Compares to Maryland's Median
A $150K home is 64% below Maryland's median of $420K. You'll find homes at this price in cities like Cumberland.
Income Needed for a $150K Home in Maryland
To afford this payment of $1,210/mo in Maryland, you'd need a household income of approximately $52K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $4K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $2,250 to your transaction costs.
What to Know About a $150K Mortgage in Maryland
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Maryland's 1.09% property tax ($136/mo) and $1,700/yr insurance ($142/mo) brings your total to $1,210/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.