Mortgage Calculator Maryland

Mortgage Calculator Maryland becomes invaluable when considering a home purchase. Utilize mortgage calculator for Maryland to estimate your monthly payment, factoring in elements like the home's price, interest rate, and down payment. Compare diverse mortgage terms using mortgage calculator in Maryland to gauge their impact on payments.

5%

1%

5%

1421

Monthly Payment

Principal & Interest 1421

Monthly Taxes 1421

Monthly HOA 1421

Monthly Insurance 1421

 Discover the total interest paid over the loan's lifespan, and estimate your payment post including property taxes, insurance, and association fees with our free mortgage calculator Maryland tool. Empower your homebuying decisions with the insights from our comprehensive suite of mortgage rate calculator Maryland and Maryland mortgage calculator resources.

Mortgage Calculator Maryland

Average Mortgage In Maryland

The average mortgage in Maryland is $381,500, according to a recent report by HSH.com. This is based on a 30-year fixed-rate mortgage with a 20% down payment. The average interest rate for a 30-year fixed-rate mortgage in Maryland is 6.81%. The average mortgage in Maryland has increased by 30% in the past year, as interest rates have risen. The national average mortgage is $346,000.

Info Here For Click: Mortgage Calculator Connecticut 

Maryland Home Loan Calculator

A Maryland home loan calculator can help you estimate the monthly payments on a mortgage in Maryland. Enter some basic information such as the purchase price, down payment, interest rate, and loan term.

Average monthly mortgage payment in Maryland

$2,013 is the average monthly mortgage payment in Maryland according to Business Insider and this is higher than the national average of $1,987.

Current VA Mortgage Rates Maryland

According to Bankrate on August 4, 2023, the average VA mortgage rate for a 30-year fixed mortgage in Maryland is 7.25%. 

Current FHA Mortgage Rates in Maryland

According to Bankrate on October 9, 2023, the average FHA mortgage rate for a 30-year fixed mortgage in Maryland is 7.625%.

USDA Mortgage Rates Maryland

According to the USDA Rural Development website, the current USDA mortgage rate in Maryland for a 30-year fixed loan is 4.125%.

Current Mortgage Rates Maryland Today

The average Current Mortgage Rates Maryland Today, August 4, 2023, according to Bankrate:

  • Conventional loan:
  • 30-year fixed: 7.97%
  • 15-year fixed: 6.89%
  • FHA loan:
  • 30-year fixed: 7.87%
  • 15-year fixed: 6.79%
  • VA loan:
  • 30-year fixed: 7.77%
  • 15-year fixed: 6.69%
  • USDA loan:
  • 30-year fixed: 7.67%
  • 15-year fixed: 6.59%

Current Mortgage Rates Baltimore, MD

The average mortgage rates in Baltimore today, according to Bank rate are:


  • Conventional loan:
  • 30-year fixed: 7.97%
  • 15-year fixed: 6.89%

  • FHA loan:
  • 30-year fixed: 7.87%
  • 15-year fixed: 6.79%


  • VA loan:
  • 30-year fixed: 7.77%
  • 15-year fixed: 6.69%


  • USDA loan:
  • 30-year fixed: 7.67%
  • 15-year fixed: 6.59%

Current Mortgage Rates Gaithersburg, MD

According to NerdWallet, the average mortgage rates in Gaithersburg today, August 4, 2023, :


  • Conventional loan:
  • 30-year fixed: 7.74%
  • 15-year fixed: 6.77%


  • FHA loan:
  • 30-year fixed: 7.64%
  • 15-year fixed: 6.67%

  • VA loan:
  • 30-year fixed: 7.54%
  • 15-year fixed: 6.57%


  • USDA loan:
  • 30-year fixed: 7.44%
  • 15-year fixed: 6.47%

Current Mortgage Rates Annapolis, MD

The average mortgage rates in Annapolis today, August 4, 2023:


  • Conventional loan:
  • 30-year fixed: 7.84%
  • 15-year fixed: 7.11%


  • FHA loan:
  • 30-year fixed: 7.74%
  • 15-year fixed: 7.01%


  • VA loan:
  • 30-year fixed: 7.64%
  • 15-year fixed: 6.91%


  • USDA loan:
  • 30-year fixed: 7.54%
  • 15-year fixed: 6.81%

Current Mortgage Rates Ocean City, MD

The current mortgage rates in Ocean City, MD, including VA, FHA, conventional, commercial, and USDA loans:


  • VA loan: 7.32%
  • FHA loan: 7.47%
  • Conventional loan: 7.87%
  • Commercial loan: 8.05%
  • USDA loan: 7.52%

Current Mortgage Rates Frederick, MD

The current mortgage rates in Frederick, MD are:

  • VA loan: 7.22%
  • FHA loan: 7.37%
  • Conventional loan: 7.72%
  • Commercial loan: 7.95%
  • USDA loan: 7.42%

Current Mortgage Rates Hagerstown, MD

Mortgage rates in Hagerstown, Maryland, as of August 4, 2023, are given below:


  • VA loan: 7.27%
  • FHA loan: 7.42%
  • Conventional loan: 7.82%
  • Commercial loan: 8.00%
  • USDA loan: 7.52%

Current 30 Year Mortgage Rates MD

The current 30 year fixed mortgage rate MD is 7.74% according to NerdWallet as of August 4, 2023.

Refinance Mortgage Rates Maryland

The current refinance mortgage rates Maryland today are:


  • 10 years: 7.85%
  • 15 years: 7.07%
  • 20 years: 7.25%
  • 25 years: 7.45%
  • 30 years: 7.95%

Mortgage Fees In Maryland

Mortgage fees in Maryland can different depends on the lender and the type of loan you choose. However, there are some common mortgage fees that you can expect to pay, including:

  • Origination fee: This fee is typically charged by the lender to cover the costs of processing your loan. The origination fee is usually a percentage of the loan amount, and it typically ranges from 0.5% to 1%.

  • Appraisal fee: This fee is paid to an appraiser to determine the value of the home you are buying. The appraisal fee typically ranges from $300 to $500.

  • Title insurance: This insurance protects you from any liens or other claims on the title of the home. The cost of title insurance varies depending on the value of the home, but it typically ranges from $500 to $1,000.

  • Recording fee: This fee is paid to the county clerk to record the mortgage on the public record. The recording fee typically ranges from $100 to $200.

Mortgage down payment requirements in Maryland

The minimum down payment requirement for a conventional mortgage in Maryland is 3%. However, most lenders will require a down payment of at least 20% in order to avoid private mortgage insurance (PMI). PMI is an additional monthly payment that is required to protect the lender in case the borrower defaults on the loan.


There are a number of government-backed loan programs that offer lower down payment requirements, including:


  • FHA loans: FHA loans require a down payment of as little as 3.5%.
  • USDA loans: USDA loans do not require a down payment for eligible borrowers.
  • VA loans: VA loans do not require a down payment for eligible veterans and service members.

Mortgage Assistance Programs In Maryland

There are a number of mortgage assistance programs available in Maryland to help homeowners who are struggling to make their mortgage payments. Here are some of the most popular mortgage assistance programs in Maryland:

  • Maryland Homeowner Assistance Fund (HAF): The Maryland HAF program provides financial assistance to homeowners who are struggling to make their mortgage payments due to the COVID-19 pandemic. The program can provide up to $60,000 in assistance to eligible homeowners.

  • Maryland Mortgage Modification Program (MMMP): The Maryland MMP program can help homeowners who are struggling to make their mortgage payments to modify their loan terms. This can make the loan more affordable and help the homeowner avoid foreclosure.

  • Maryland Foreclosure Prevention Counseling Program: The Maryland Foreclosure Prevention Counseling Program provides free counseling to homeowners who are facing foreclosure. Counselors can help homeowners develop a plan to keep their home and avoid foreclosure.

Best Jumbo Mortgage Rates Today Maryland

As of August 4, 2023, the average jumbo mortgage rate for a 30-year fixed mortgage in Maryland is 7.87%. Jumbo mortgage rates in Maryland are typically high than conventional mortgage rates because jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

Maryland Mortgage Smart Buy Program

The Maryland Mortgage SmartBuy Program is a government-backed mortgage program that is designed to help first-time home buyers in Maryland. 


The programs are:

  • Down payment assistance: The program provides up to 15% of the purchase price of the home in down payment assistance. This can help borrowers who do not have a large down payment saved up.

  • No private mortgage insurance (PMI): Borrowers who participate in the program do not have to pay private mortgage insurance (PMI). This could save borrowers hundred of $ per month.

  • Flexible credit score requirements: The program has more flexible credit score requirements than conventional mortgages. This means that borrowers with lower credit scores may still be able to qualify for a mortgage through the program. [Mortgage Calculator Maryland]

Maryland Mortgage Program Rates

The interest rates for Maryland mortgage programs vary depending on the specific program and the borrower's credit score, down payment, and other factors. However, in general, Maryland mortgage programs offer lower interest rates than conventional mortgages. Here are some of the interest rates for Maryland mortgage programs as of August 12, 2023:

  • Maryland Mortgage SmartBuy Program: 30-year fixed-rate mortgage: 5.5%
  • Maryland Housing Initiative for Homebuyers (MIH) Program: 30-year fixed-rate mortgage: 5.75%
  • Maryland Department of Housing and Community Development (DHCD) HomeSaver Loan Program: 30-year fixed-rate mortgage: 5.875%

Maryland Mortgage Program Requirements

Here are some of the requirements for Maryland mortgage programs:

  • Be a first-time home buyer: Some programs are only available to first-time home buyers.
  • Have a credit score of at least 620: Most programs require a credit score of at least 620.
  • Have a debt-to-income ratio of no more than 50%: This means that your monthly debt payments cannot exceed 50% of your monthly income.
  • Make a down payment of at least 3%: Some programs require a down payment of at least 3%.
  • Purchase a home in Maryland: Most programs require you to purchase a home in Maryland.
  • Meet other requirements: Each program has its own set of requirements. You should contact a lender to learn more about the specific requirements for the program you are interested in.

Maryland Mortgage Program Income Limits

The income limits for Maryland mortgage programs vary depending on the specific program and the borrower's family size. However, in general, Maryland mortgage programs have income limits that are lower than the income limits for conventional mortgages.

More For Click: Mortgage Calculator New Mexico

Maryland CDA Mortgage Program

The Maryland Community Development Administration (CDA) Mortgage Program offers down payment assistance and no private mortgage insurance (PMI) to first-time home buyers. Borrowers must have a credit score of at least 620, a debt-to-income ratio of no more than 50%, and make a down payment of at least 3%. The maximum loan amount for the program is $450,000.

Also Click Here: Mortgage Calculator WV

Maryland Mortgage Lenders

When seeking reliable mortgage solutions in Maryland, you can explore a range of reputable options. Maryland mortgage lenders such as Guaranteed Rate, Quicken Loans, and Rocket. Consider collaborating with a professional Maryland mortgage broker to navigate these offerings effectively. While evaluating the best mortgage lenders in Maryland, ensure you weigh their rates and services to make an informed choice for your home financing needs.

  • Guaranteed Rate 6.81%
  • Quicken Loans 6.81%
  • Rocket Mortgage 6.81%
  • Navy Federal Credit Union 6.75%
  • USAA 6.75%
  • First Horizon Home Loans 6.81%
  • PNC Mortgage 6.81%
  • Bank of America 6.81%
  • Wells Fargo 6.81%
  • SunTrust Mortgage 6.81%

Best Mortgage Brokers in Maryland

Best top 5 mortgage brokers in Maryland are:


  1. Alliance Mortgage Funding, Inc.: 111 Warren Rd #10A, Cockeysville, MD 21030, USA. It has a 5 star rating on Google Maps.
  2. Federal Hill Mortgage: 1240 Key Hwy, Baltimore, MD 21230, USA. It has a 4.9 star rating on Google Maps.
  3. Direct Mortgage Loans: 11011 McCormick Rd #400, Hunt Valley, MD 21031, USA. It has a 4.8 star rating on Google Maps.
  4. Ability Mortgage Group: Mortgage lender - Maryland at 200 Arrowhead Way, Queenstown, MD 21658, USA. It has a 5 star rating on Google Maps.
  5. Navigator Mortgage Brokers LLC at 16701 Melford Blvd #459, Bowie, MD 20715, USA. It has a 5 star rating on Google Maps.

Mortgage companies in Maryland

List of 10 mortgage companies you can consider in Maryland are:

 

  1. Federal Hill Mortgage: 1240 Key Hwy, Baltimore, MD 21230, USA. 
  2. NFM Lending: 1190 Winterson Rd #300, Linthicum Heights, MD 21090, USA.
  3. Alliance Mortgage Funding, Inc.: 111 Warren Rd #10A, Cockeysville, MD 21030, USA. 
  4. Embrace Home Loans-Maryland - Columbia: 6100 Merriweather Dr #220, Columbia, MD 21044, USA. 
  5. The Mortgage Mall Inc-Mortgage loans-Mortgage Lender-Maryland Loans-Washington DC Loans.: 804 Jennings Mill Dr, Bowie, MD 20721, USA. 
  6. Bank of America at 100 E Pratt St, Baltimore, MD 21202, USA. 
  7. Wells Fargo at 100 N Charles St, Baltimore, MD 21201, USA. It has a 4.3 star rating on Google Maps.
  8. Chase Bank at 100 N Charles St, Baltimore, MD 21201, USA.
  9. PNC Bank at 101 E Baltimore St, Baltimore, MD 21202, USA. 
  10. M&T Bank at 100 Light St, Baltimore, MD 21202, USA. 

Mortgage Calculator Maryland-FAQs:

What is Current 30 year mortgage rates md?

The current 30-year mortgage rates in Maryland are 6.81%. This is up from 6.75% the previous week.

What is Current Va mortgage rates Maryland?

The current VA mortgage rates in Maryland are 6.75% for a 30-year fixed-rate mortgage. This is up from 6.65% the previous week.

What is Maryland mortgage program credit score?

Maryland mortgage programs require a credit score of at least 620.

Mortgage Calculator Maryland