Quick answer
The median home in Baltimore costs $315K. With 20% down ($63K) at 7% for 30 years, the monthly payment is $1,677/month. Total interest paid over 30 years: $351,562.
Calculator · MD · 2026
Mortgage Calculator for Baltimore, MD (2026)
Pre-filled with Baltimore's median home price of $315K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Baltimore Mortgage Payment Scenarios
Median home price: $315K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $15,750 | $299,250 | $1,991 | $2,690 | $417,480 |
| 10% | $31,500 | $283,500 | $1,886 | $2,548 | $395,508 |
| 20% | $63,000 | $252,000 | $1,677 | $2,265 | $351,562 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Baltimore
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $315K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$315K home · 20% down ($252K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Baltimore?
The median home price in Baltimore is $315K. With 20% down and a 30-year loan at 7%, the monthly payment is $1,677. Adding estimated property taxes and insurance brings total monthly costs to approximately $1,992.
Is it cheaper to rent or buy in Baltimore?
A 2-bedroom rental in Baltimore averages $1,980/month. Buying the median $315K home with 20% down costs approximately $1,992/month (mortgage + taxes + insurance) — $12 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Baltimore?
Using the 28% housing rule, you need at least $72K–85K in annual gross income to comfortably afford the median $315K home in Baltimore with 20% down. You also need $63K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Baltimore?
MD has a state income tax rate of Up to 5.75%. Property taxes vary by county but on a $315K home, expect $263–$525/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.