Monthly Payment on a $250K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$250K 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% | $1,856 | $1,778 | $1,504 |
| 6.0% | $1,931 | $1,849 | $1,568 |
| 6.5% | $2,008 | $1,922 | $1,633 |
| 7.0% | $2,087 | $1,997 | $1,699 |
| 7.5% | $2,168 | $2,073 | $1,767 |
| 8.0% | $2,250 | $2,151 | $1,836 |
How This Compares to Maryland's Median
A $250K home is 40% below Maryland's median of $420K. You'll find homes at this price in cities like Baltimore, Cambridge, Cumberland.
Income Needed for a $250K Home in Maryland
To afford this payment of $1,922/mo in Maryland, you'd need a household income of approximately $82K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $80K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $6K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $3,750 to your transaction costs.
What to Know About a $250K Mortgage in Maryland
With 10% down ($25,000), your loan of $225,000 at 6.5% over 30 years produces a principal and interest payment of $1,422/mo. Adding Maryland's 1.09% property tax ($227/mo) and $1,700/yr insurance ($142/mo) brings your total to $1,922/mo. Because you're putting less than 20% down, PMI adds $131/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $286,975 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $26,920 over the life of the loan.