Mortgage on a $550K house in Maryland
$3,684 a month with 20% down — $2,960 principal and interest plus $449 property tax and $275 insurance.
Maryland's typical property tax is 0.98% of the home's value a year (U.S. average 0.9%), which adds $449 a month on a $550K home. The typical home in Maryland is worth $424,890, so $550K is 29% above the typical price.
$550K home in Maryland: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $110,000 | $440,000 | $2,960 | $0 | $724 | $3,684 | $157,900 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $724 | $4,260 | $182,600 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $724 | $4,457 | $191,000 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $724 | $4,600 | $197,200 |
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 $550K buy a typical home?
In these counties the typical home value is within 15% of $550K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Queen Annes County | $522,697 | 0.78% | $3,594 |
| Anne Arundel County | $502,145 | 0.85% | $3,623 |
| Frederick County | $494,258 | 0.99% | $3,687 |
| Montgomery County | $606,938 | 0.87% | $3,631 |
| Carroll County | $486,857 | 0.91% | $3,650 |
| Talbot County | $484,929 | 0.65% | $3,531 |
| Calvert County | $480,115 | 0.84% | $3,622 |
| Howard County | $625,349 | 1.17% | $3,771 |
22 of 24 Maryland counties tracked by Zillow have a typical home value at or below $550K. See all Maryland home prices.
Other prices in Maryland
Frequently asked questions
What is the mortgage on a $550K house in Maryland?
About $3,684 a month with 20% down at 7.11%: $2,960 principal and interest, $449 property tax and $275 insurance.
How much do I need to make to buy a $550K house in Maryland?
About $157,900 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in Maryland?
At Maryland's typical effective rate of 0.98%, about $5,389 a year. Rates vary by county and city — see the county pages.