Baltimore, MD Mortgage Calculator
Estimate your monthly mortgage payment in Baltimore including property taxes, homeowners insurance, PMI, and 2026 loan limits.
Local Home Values & Affordability
At a median of $195,000, Baltimore 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 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 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.
All FHA loans require an upfront mortgage insurance premium (UFMIP) of 1.75% of the loan amount, plus an annual MIP of 0.55%–0.75% of the loan balance paid monthly. On a $188,175 FHA loan, expect approximately $86/month in ongoing MIP — added to principal, interest, taxes, and insurance.
Sources: HUD ML 2025-23, FHFA 2026, HUD MIP Rates 2023
Extra Monthly Payment
Estimated Monthly Payment
$1,536
Estimates are for educational purposes only and are not a loan offer or commitment to lend.
Loan Amount: $156,000
LTV: 0.01%
P&I Payment
$1,033
Total Interest
$215,750
over loan life
Payoff
30 yr
Closing Costs
$3,783–$7,062
est. range
Monthly Payment Breakdown
2026 Loan Limit Context
FHA Limit
$541,287
Conforming Limit
$832,750
Amortization Schedule
| Mo. | Payment | Principal | Interest | Balance | Total Interest |
|---|---|---|---|---|---|
| 1 | $1,033 | $129 | $904 | $155,871 | $904 |
| 2 | $1,033 | $130 | $903 | $155,741 | $1,806 |
| 3 | $1,033 | $131 | $902 | $155,610 | $2,708 |
| 4 | $1,033 | $131 | $901 | $155,479 | $3,610 |
| 5 | $1,033 | $132 | $900 | $155,347 | $4,510 |
| 6 | $1,033 | $133 | $900 | $155,214 | $5,410 |
| 7 | $1,033 | $134 | $899 | $155,080 | $6,309 |
| 8 | $1,033 | $134 | $898 | $154,946 | $7,207 |
| 9 | $1,033 | $135 | $897 | $154,810 | $8,104 |
| 10 | $1,033 | $136 | $897 | $154,674 | $9,001 |
| 11 | $1,033 | $137 | $896 | $154,538 | $9,897 |
| 12 | $1,033 | $138 | $895 | $154,400 | $10,792 |
2026 Loan Limits — Baltimore City, MD
| Limit Type | 2026 Limit | Note |
|---|---|---|
| FHA Loan Limit (1-unit) | $524,225 | Max loan for FHA-insured mortgage |
| Conforming Loan Limit (1-unit) | $806,500 | Fannie Mae / Freddie Mac eligible |
Source: HUD / FHFA. Data as of 2025-01-15.
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