Monthly Payment on a $200K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$200K 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% | $1,513 | $1,450 | $1,232 |
| 6.0% | $1,573 | $1,508 | $1,283 |
| 6.5% | $1,635 | $1,566 | $1,335 |
| 7.0% | $1,698 | $1,626 | $1,388 |
| 7.5% | $1,763 | $1,687 | $1,442 |
| 8.0% | $1,828 | $1,749 | $1,497 |
How This Compares to Maryland's Median
A $200K home is 52% below Maryland's median of $420K. You'll find homes at this price in cities like Cumberland.
Income Needed for a $200K Home in Maryland
To afford this payment of $1,566/mo in Maryland, you'd need a household income of approximately $67K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $5K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $3,000 to your transaction costs.
What to Know About a $200K Mortgage in Maryland
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Maryland's 1.09% property tax ($182/mo) and $1,700/yr insurance ($142/mo) brings your total to $1,566/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.