Mortgage on a $300K house in Maryland
$2,009 a month with 20% down — $1,614 principal and interest plus $245 property tax and $150 insurance.
Maryland's typical property tax is 0.98% of the home's value a year (U.S. average 0.9%), which adds $245 a month on a $300K home. The typical home in Maryland is worth $424,890, so $300K is 29% below the typical price.
$300K home in Maryland: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $395 | $2,009 | $86,100 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $395 | $2,324 | $99,600 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $395 | $2,431 | $104,200 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $395 | $2,509 | $107,500 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.98% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Maryland does $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Caroline County | $326,167 | 0.9% | $1,990 |
| Washington County | $327,924 | 0.84% | $1,974 |
| Wicomico County | $271,722 | 0.85% | $1,978 |
| Dorchester County | $268,747 | 0.94% | $1,998 |
| Garrett County | $334,905 | 0.78% | $1,960 |
5 of 24 Maryland counties tracked by Zillow have a typical home value at or below $300K. See all Maryland home prices.
Other prices in Maryland
Frequently asked questions
What is the mortgage on a $300K house in Maryland?
About $2,009 a month with 20% down at 7.11%: $1,614 principal and interest, $245 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Maryland?
About $86,100 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Maryland?
At Maryland's typical effective rate of 0.98%, about $2,939 a year. Rates vary by county and city — see the county pages.