What’s the average mortgage payment in Maryland?

According to data collected from Redfin and Rocket Mortgage, the average monthly mortgage payment in Maryland is around $1,918 before property taxes and insurance. Despite somewhat flat demand in Baltimore, the state’s largest metro area, Maryland’s higher-than-average housing costs are driven in part by proximity to Washington, D.C. Despite affordability challenges, Maryland’s housing market remains competitive, supported by steady job growth, proximity to major employment hubs, and continued buyer demand.

Overview of the Maryland housing market

The median sale price of a home in Maryland is roughly $435,900, according to Redfin’s statewide housing data. Prices vary widely across the state, with the highest costs concentrated in counties near Washington, D.C., and more affordable options on the Eastern Shore and in western Maryland.

Here’s a snapshot of recent median sale prices from Redfin across several Maryland cities:

Factors that influence mortgage payments in Maryland

Your monthly payment includes principal, interest, taxes, and insurance (PITI). Tools like the Rocket Mortgage® mortgage calculator can help you see how different variables affect your payment.

Home price and down payment

Maryland’s home prices are above the national median, particularly in suburban counties near Washington, D.C. For example, on a $435,900 home with a 20% down payment and a 6.5% interest rate, the estimated monthly principal and interest payment is around $2,204.

A down payment below 20% triggers private mortgage insurance (PMI), which can add more than $200 per month depending on credit and loan type.

Mortgage rate

Your Maryland mortgage rate depends on:

• Credit score and credit history
• Debt-to-income ratio (DTI)
• Loan type
• Down payment amount
• Home type and location
• Current market rates

Loan term

Loan length also influences your monthly payment. Most home buyers choose a 30-year or 15-year option. The 30-year mortgage option is the most common of the two and allows you to spread out payments over a longer duration while making a smaller monthly payment. The 15-year mortgage can be a better option if you can afford higher monthly payments because you’ll pay much less in total interest.

Property taxes and insurance

Maryland’s average property tax rate is about 1.00%, slightly above the national average. On a median-priced home, property taxes can add $363 per month, depending on where you live in the state.

Homeowners insurance in Maryland averages roughly $178 per month, though costs vary based on location, coverage level, and proximity to coastal or flood-prone areas.

How do mortgage payments in Maryland compare to others in the region?

Mortgage rates themselves are similar from state to state, and Maryland’s home prices keep monthly payments in line with neighboring states like Virginia and Delaware.

Counties with the highest mortgage payments in Maryland

Counties with the lowest mortgage payments in Maryland

More rural counties and those farther from major metro areas tend to have lower home prices and, in turn, lower mortgage payments. The counties with the lowest monthly payments are:

How to calculate your mortgage payment

Lenders use a standard formula that factors in the loan term, interest rate, and the loan amount.

Rocket Mortgage® offers a simple online mortgage calculator that lets you adjust these variables and see how your monthly payment changes. Additional tools allow you to explore refinancing options, PMI estimates, and more.

Maryland-specific mortgage resources

Maryland offers programs designed to assist home buyers and improve affordability:

• Maryland Mortgage Program (MMP): Offers competitive interest rates and down payment assistance for eligible buyers.
• USDA Rural Development Loans: Many rural areas in western and Eastern Shore Maryland qualify for USDA loans with 0% down payment options.

Average mortgage payment in Maryland FAQ

Where can I find the lowest average mortgage payments in Maryland?

Somerset County has the lowest average mortgage payments in the state, at about $1,160 per month.

Which county has the highest average mortgage payments in Maryland?

Howard County is the most expensive area in the state with an estimated monthly mortgage payment of roughly $3,960.

How much do you need to make to afford a home in Maryland?

Many lenders follow the “28/36 rule,” meaning that home buyers should avoid spending more than 28% of their gross income on housing and 36% on total debt.

With Maryland’s typical mortgage payment of $1,918, a household might aim to earn about $6,850 per month, or roughly $82,000 per year, depending on other monthly debts.

The bottom line: Multiple factors shape your mortgage payment in Maryland

Maryland’s higher home prices contribute to above-average mortgage payments, particularly in counties near Washington, D.C. Still, affordability varies widely across the state, with some rural and Eastern Shore counties offering much lower monthly costs. Understanding local market conditions, tracking interest rates, and taking advantage of state assistance programs can help buyers navigate the market more effectively and find their dream home.

Whether you’re a first-time buyer or an experienced homeowner, get prequalified for a loan with Rocket Mortgage to understand your buying power and begin the process with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.

This article is for informational purposes only and is not intended to provide financial, investment, or tax advice. You should consult a qualified financial or tax professional before making decisions regarding your retirement funds or mortgage.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

Rocket Mortgage is not acting on behalf of FHA or HUD.

The 3% down payment option is only available on certain conventional loan products and is not available in all states. Additional terms and conditions may apply.