Maryland First-Time Homebuyer Calculator
First-time homebuyer costs in Maryland: $13,825 FHA down payment, $12,640 closing costs, 1.09% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Maryland. Includes down payment, closing costs (3.2%), PMI (required below 20% down), property tax (1.09%), and homeowners insurance ($1,650/yr). Note: Maryland requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Maryland homebuyer facts: Median price $395,000 | 20% down = $79,000 | FHA 3.5% down = $13,825 | Closing costs ~$12,640 | Property tax 1.09% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Maryland?
For Maryland's median home ($395,000): FHA minimum down payment is $13,825 (3.5%), plus $12,640 in closing costs. Total minimum: ~$26,465. With 20% down to avoid PMI: ~$91,640.
What are closing costs in Maryland?
Maryland closing costs average 3.2% of the home price, or about $12,640 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.5%.
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