Can I Afford a $200K Home in Maryland?
Complete mortgage breakdown for a $200,000 home in Maryland, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,351/mo
P&I: $1,051 + Tax: $175 + Insurance: $125
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $6,000 | $1,655 | $70,940 |
| 5% | $10,000 | $1,627 | $69,743 |
| 10% | $20,000 | $1,557 | $66,749 |
| 20% | $40,000 | $1,351 | $57,904 |
Monthly Cost Breakdown (Maryland)
Principal & Interest
$1,051/mo
Property Tax (1.05%)
$175/mo
Homeowners Insurance
$125/mo
Total Interest (30-yr)
$218,391
Affordability Rules of Thumb
28% Rule (Housing)
$57,904/yr
Minimum gross income
36% Rule (All Debt)
$45,036/yr
If no other debt
3Ã Income Rule
$66,667/yr
Conservative target
Buying a $200K Home in Maryland
A $200,000 home in Maryland is at or below the national median home price. With a 20% down payment of $40,000, your estimated monthly payment of $1,351 is achievable on a salary of $57,904 or more. Maryland's property tax rate of 1.05% is near the national average.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Maryland.