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Maryland
Mortgage Calculator

How Much Will Your Mortgage Be in Maryland?
Maryland, sometimes referred to as the Old Line State, is on par with the national average for affordability, with homeowners spending an average of 20% of their personal income on their homes. Although Maryland is one of the smallest states in the U.S. by geography, it features a variety of climates and is steeped in American history. In spite of its size, the state is densely-populated with a strong economy. Also, see FHA Loan in Maryland for details and requirements for a home in the state.
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Maryland Home and Mortgage
Stats to Know
County | Avg. Home Price | Avg. Days on Market |
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Source of Info PropertyPath
Factors That Can Affect Your Maryland Mortgage Calculations
Maryland Job Stats to Consider
Maryland’s economy is quite diverse with employment opportunities in many sectors from agriculture and manufacturing to military, educational institutions, and corporate businesses. Top employers for the state include Johns Hopkins Medical Institutions and University, Giant Food Inc., Medstar Health, and Black and Decker Corp.
Although properties and their taxes may be more expensive than other states, personal income in Maryland is significantly higher. The median personal income in Maryland in 2019 was $65,683 compared to the national average of $56,623. According to the U.S. Bureau of labor Statistics, Maryland’s unemployment rate is 3.3%, lower than the national average of 3.7%.
Income tax varies by county and the amount earned. Maryland has a sliding scale tax rate between 2% to 5.75%. Thus, the more you earn, the higher your tax rate. Sales tax is 6%, and 9% for alcoholic beverages.