Monthly Payment on a $600K Mortgage in Maryland
Using Maryland's 1.09% property tax rate and $1,700/yr homeowners insurance.
$600K 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% | $4,256 | $4,068 | $3,412 |
| 6.0% | $4,437 | $4,239 | $3,565 |
| 6.5% | $4,622 | $4,415 | $3,721 |
| 7.0% | $4,811 | $4,594 | $3,880 |
| 7.5% | $5,005 | $4,777 | $4,043 |
| 8.0% | $5,202 | $4,964 | $4,209 |
How This Compares to Maryland's Median
A $600K home is 43% above Maryland's median of $420K. This puts you in the upper range of the Maryland market, targeting more desirable neighborhoods or larger properties.
Income Needed for a $600K Home in Maryland
To afford this payment of $4,415/mo in Maryland, you'd need a household income of approximately $189K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $200K salary can afford →Closing Costs in Maryland
Estimated closing costs in Maryland: $15K (2.5% of purchase price). Maryland also charges a 1.5% transfer tax, which may add $9,000 to your transaction costs.
What to Know About a $600K Mortgage in Maryland
With 10% down ($60,000), your loan of $540,000 at 6.5% over 30 years produces a principal and interest payment of $3,413/mo. Adding Maryland's 1.09% property tax ($545/mo) and $1,700/yr insurance ($142/mo) brings your total to $4,415/mo. Because you're putting less than 20% down, PMI adds $315/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $688,740 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $64,608 over the life of the loan.