Baltimore City, MD Closing Cost Calculator
Estimated closing costs for a home purchase in Baltimore City including MD-specific transfer taxes.
Estimated closing costs for a $195,000 home with 20% down
Low estimate
$3,783
High estimate
$7,062
Cost Breakdown (Mid Estimate)
| Origination Fee | $1,170 |
| Title Insurance | $624 |
| Appraisal | $600 |
| MD Transfer Taxes & Fees | $1,175 |
| Prepaid Items (escrow) | $975 |
| Other Fees | $500 |
| Total (Mid) | $5,044 |
Estimates only. Actual costs vary by lender and transaction.
Local Home Values & Affordability
At a median of $195,000, Baltimore City sits 37% below the national median of $310,000 — making it one of the more affordable markets in our dataset and well within FHA financing range.
A 20% down payment on a median Baltimore City home requires $39,000 in cash — or $6,825 for an FHA-minimum 3.5% down payment. Buyers with less than 20% down will also need to budget for PMI or FHA MIP.
Property Tax in This Market
Baltimore City's effective property tax rate of 2.25% is 105% above the 1.10% national average across the markets we track — placing it among the top 5 highest-tax counties in our dataset.
Based on the 2.25% effective rate and a median home value of $195,000, a typical homeowner in Baltimore City pays approximately $4,388 in annual property taxes — or $366 per month added to their mortgage payment.
Sources: Tax Foundation 2025
Homeowners Insurance Costs
Homeowners insurance in Baltimore City runs approximately $1,650/year ($138/month), in line with the national average of $1,600.
Premium quotes in Baltimore City typically range from $1,100 to $2,500 per year depending on home age, construction type, coverage limits, and your insurer. Always get multiple quotes.
Sources: NAIC 2024
Loan Limits & Financing Options
A buyer purchasing the median Baltimore City home ($195,000) with FHA's minimum 3.5% down would borrow $188,175 — well within the $541,287 baseline FHA limit for this county. FHA financing is a viable option for most buyers here.
With 20% down on a median-priced home, the loan amount of $156,000 stays $676,750 below the $832,750 conforming limit — giving buyers access to conventional Fannie/Freddie pricing without jumbo underwriting.
Sources: HUD ML 2025-23, FHFA 2026
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