Baltimore City (Approx. 0.85%)
Anne Arundel County (Approx. 0.90%)
Baltimore County (Approx. 0.99%)
Howard County (Approx. 1.05%)
Montgomery County (Approx. 1.10%)
Prince George's County (Approx. 1.15%)
Frederick County (Approx. 1.20%)
Garrett County (Approx. 0.70%)
Harford County (Approx. 0.75%)
Carroll County (Approx. 0.80%)
Charles County (Approx. 0.95%)
Calvert County (Approx. 1.00%)
St. Mary's County (Approx. 1.12%)
Wicomico County (Approx. 1.25%)
Worcester County (Approx. 1.30%)
Queen Anne's County (Approx. 1.35%)
Talbot County (Approx. 1.40%)
Caroline County (Approx. 1.45%)
Dorchester County (Approx. 1.50%)
Kent County (Approx. 1.55%)
Somerset County (Approx. 1.60%)
Custom
Buying a home in Maryland is an exciting prospect, and understanding your potential monthly mortgage payment is crucial for financial planning. This calculator helps you estimate your total monthly housing cost, which typically includes more than just the principal and interest on your loan.
Key Components of Your Maryland Mortgage Payment:
Principal & Interest (P&I): This is the core of your mortgage payment. It goes towards repaying the actual loan amount borrowed and the interest charged by the lender. The calculation for P&I uses the standard mortgage payment formula:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Monthly Payment (P&I only)
P = Principal Loan Amount (Purchase Price – Down Payment)
i = Monthly Interest Rate (Annual Rate / 12)
n = Total Number of Payments (Loan Term in Years * 12)
Property Taxes: Maryland counties and Baltimore City levy property taxes based on the assessed value of your home. These rates vary significantly by jurisdiction. Our calculator includes typical county rates, but you should verify the exact rate for your specific location. Property taxes are usually paid through an escrow account managed by your lender.
Homeowners Insurance: This protects your home against damage from events like fire, storms, or theft. Lenders require homeowners insurance, and the estimated annual cost is divided by 12 and included in your monthly payment, often paid through escrow.
Private Mortgage Insurance (PMI): If your down payment is less than 20% of the purchase price, your lender will typically require PMI. This insurance protects the lender in case you default on the loan. The cost of PMI varies but is generally a monthly fee added to your payment.
How the Maryland Mortgage Calculator Works:
Our calculator takes the following inputs to provide an estimated total monthly housing payment:
Purchase Price: The total cost of the home you intend to buy.
Down Payment: The amount of cash you're paying upfront. This directly affects your loan principal.
Annual Interest Rate: The yearly interest rate offered on your mortgage.
Loan Term: The number of years you have to repay the loan (commonly 15 or 30 years).
MD Property Tax Rate: You can select your county or enter a custom rate. This is applied annually to the home's assessed value.
Annual Homeowners Insurance: Your estimated yearly cost for home insurance.
Monthly PMI: If you're putting down less than 20%, estimate your monthly PMI cost.
The calculator first determines the loan principal (Purchase Price – Down Payment). It then calculates the monthly Principal & Interest (P&I) using the standard mortgage formula. Finally, it adds the estimated monthly property taxes (calculated from the selected rate and home price), homeowners insurance, and PMI to arrive at your total estimated monthly mortgage payment.
Important Considerations for Maryland Homebuyers:
Closing Costs: Remember that this calculator does NOT include closing costs, which are separate fees paid at the time of sale (e.g., appraisal fees, title insurance, recording fees).
HOA Fees: If the property is part of a homeowners association, you'll have additional monthly or annual HOA fees not included here.
Escrow Account: Your lender will likely collect property taxes and homeowners insurance premiums monthly and hold them in an escrow account, paying them on your behalf when they are due.
Mortgage Interest Deduction: In many cases, the interest paid on a mortgage is tax-deductible. Consult a tax professional for details.
Maryland Specific Programs: Check for Maryland state and local first-time homebuyer programs or assistance that might be available.
This calculator provides a valuable estimate, but it's essential to get official Loan Estimates from lenders to understand the precise costs associated with your specific mortgage.
var propertyTaxRateSelect = document.getElementById('propertyTaxRate');
var customTaxRateGroup = document.getElementById('customTaxRateGroup');
var customPropertyTaxRateInput = document.getElementById('customPropertyTaxRate');
var selectedTaxRate = 0;
// Initial setup for tax rate selection
function setupTaxRateSelection() {
if (propertyTaxRateSelect.value === 'custom') {
customTaxRateGroup.style.display = 'flex';
selectedTaxRate = parseFloat(customPropertyTaxRateInput.value) / 100 || 0;
} else {
customTaxRateGroup.style.display = 'none';
selectedTaxRate = parseFloat(propertyTaxRateSelect.value) / 100 || 0;
}
}
// Update selectedTaxRate when custom rate changes
function updateSelectedTaxRate() {
if (propertyTaxRateSelect.value === 'custom') {
selectedTaxRate = parseFloat(customPropertyTaxRateInput.value) / 100 || 0;
}
}
// Update the dropdown if custom rate is entered and custom is selected
propertyTaxRateSelect.onchange = function() {
setupTaxRateSelection();
calculateMortgage();
};
// Initialize on page load
window.onload = function() {
setupTaxRateSelection();
calculateMortgage(); // Calculate with default or initial values
};
function calculateMortgage() {
var purchasePrice = parseFloat(document.getElementById('purchasePrice').value);
var downPayment = parseFloat(document.getElementById('downPayment').value);
var interestRate = parseFloat(document.getElementById('interestRate').value);
var loanTerm = parseInt(document.getElementById('loanTerm').value);
var homeInsurance = parseFloat(document.getElementById('homeInsurance').value);
var monthlyPMI = parseFloat(document.getElementById('monthlyPMI').value);
// Validate inputs – ensure they are numbers and not negative
if (isNaN(purchasePrice) || purchasePrice <= 0 ||
isNaN(downPayment) || downPayment < 0 ||
isNaN(interestRate) || interestRate <= 0 ||
isNaN(loanTerm) || loanTerm <= 0 ||
isNaN(homeInsurance) || homeInsurance < 0 ||
isNaN(monthlyPMI) || monthlyPMI purchasePrice) {
alert("Down payment cannot exceed the purchase price.");
document.getElementById('monthlyPayment').textContent = "$–.–";
document.getElementById('totalInterest').textContent = "";
document.getElementById('totalPayment').textContent = "";
return;
}
// Handle custom tax rate selection update
if (propertyTaxRateSelect.value === 'custom') {
updateSelectedTaxRate(); // Ensure selectedTaxRate is updated from the input
} else {
selectedTaxRate = parseFloat(propertyTaxRateSelect.value) / 100 || 0;
}
var customTaxRateInputVal = parseFloat(document.getElementById('customPropertyTaxRate').value);
if (propertyTaxRateSelect.value === 'custom' && !isNaN(customTaxRateInputVal)) {
selectedTaxRate = customTaxRateInputVal / 100;
} else if (propertyTaxRateSelect.value !== 'custom') {
selectedTaxRate = parseFloat(propertyTaxRateSelect.value) / 100 || 0;
}
var principalLoanAmount = purchasePrice – downPayment;
var monthlyInterestRate = (interestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
// Calculate Principal & Interest (P&I)
var principalInterest = 0;
if (monthlyInterestRate > 0) {
principalInterest = principalLoanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) – 1);
} else {
// Handle case of 0% interest rate (though unlikely for mortgages)
principalInterest = principalLoanAmount / numberOfPayments;
}
// Calculate Monthly Property Tax
var monthlyPropertyTax = (purchasePrice * selectedTaxRate) / 12;
// Calculate Monthly Home Insurance
var monthlyHomeInsurance = homeInsurance / 12;
// Total Monthly Payment (PITI + PMI)
var totalMonthlyPayment = principalInterest + monthlyPropertyTax + monthlyHomeInsurance + monthlyPMI;
// Calculate Total Interest Paid
var totalInterestPaid = (principalInterest * numberOfPayments) – principalLoanAmount;
// Calculate Total Payment Over Loan Life
var totalPaymentOverLife = totalMonthlyPayment * numberOfPayments;
// Display Results
document.getElementById('monthlyPayment').textContent = "$" + totalMonthlyPayment.toFixed(2);
document.getElementById('totalInterest').textContent = "Estimated Total Interest Paid: $" + totalInterestPaid.toFixed(2);
document.getElementById('totalPayment').textContent = "Total Payments Over Loan Life (P&I): $" + (principalLoanAmount + totalInterestPaid).toFixed(2);
}