Maryland Refinance Calculator

Consider refinancing in Maryland when current rates are at least 0.5-1% lower than your rate, your credit score has improved significantly, you want to switch from an ARM to a fixed-rate mortgage, or you want to tap into home equity. With Maryland's median home price of $400,000, even a 0.5% rate reduction on a typical $320,000 loan can save you $106 per month. Calculate your break-even point to ensure savings outweigh closing costs.

Refinancing costs in Maryland typically run about 2.8% of your loan amount — roughly $8,960 on a $320,000 loan (based on 80% of the $400,000 median home price). This includes appraisal fees, title insurance, origination fees, and Maryland-specific costs. Tax note: Maryland has graduated state income tax rates up to 5.75%, plus county income taxes — mortgage interest is deductible on the state return, making it particularly valuable for Maryland homeowners. Some lenders offer no-closing-cost refinances with slightly higher rates.

Cash-out refinancing in Maryland lets you replace your mortgage with a larger loan and receive the difference in cash. You can typically borrow up to 80% of your home's value. With Maryland's median home price at $400,000, that could mean up to $320,000 in total loan value. This money can be used for home improvements, debt consolidation, or other expenses.

Maryland's property tax rate of 1.09% means you're paying approximately $4,360 per year ($363/month) in property taxes on a $400,000 home. This moderate tax rate is a significant part of your monthly housing cost — refinancing to a lower rate can help keep your total payment manageable.