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Mortgage Calculator — Baltimore, MD
Median home price in Baltimore: $280,000. Monthly payment: $1,490/month (20% down, 7%, 30yr). Property tax rate: 2.25%.
= $56,000
Monthly Payment
$1,490
Loan Amount
$224,000
Total Interest
$312,500
Total Cost
$592,500
Payment Breakdown
Down Payment$56,000 (9.5%)
Principal$224,000 (37.8%)
Total Interest$312,500 (52.7%)
Baltimore Mortgage Payments by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $1,830 | $1,272 | $233,865 |
| 6% | $1,890 | $1,343 | $259,478 |
| 6.5% | $1,951 | $1,416 | $285,700 |
| 6.75% | $1,982 | $1,453 | $299,030 |
| 7% | $2,013 | $1,490 | $312,500 |
| 7.25% | $2,045 | $1,528 | $326,107 |
| 7.5% | $2,077 | $1,566 | $339,847 |
| 8% | $2,141 | $1,644 | $367,708 |
Baltimore Property Tax & Total Housing Cost
Property Tax Rate
2.25%
$6,300/year
Monthly P&I
$1,490
20% down, 7%, 30yr
Est. Total Monthly
$2,015
P&I + property tax
Affordability in Baltimore
10% down ($28,000)$94,353/yr needed
15% down ($42,000)$90,361/yr needed
20% down ($56,000)$86,369/yr needed
25% down ($70,000)$82,377/yr needed
Based on 28% housing cost rule. Includes property tax.