Free Mortgage Calculator: Estimate Your Monthly Payment in Maryland

Wondering what your monthly mortgage payment will be? Use the mortgage calculator below to get an instant estimate based on home price, down payment, interest rate, loan term, property taxes, and insurance. Then call Dan Freshley at (301) 332-9432 to get your actual pre-approval number — NMLS #196245.

How to Use This Mortgage Calculator

1. Enter the home price you're considering

2. Enter your planned down payment amount

3. Enter the current interest rate (call Dan at (301) 332-9432 for today's exact rate)

4. Select your loan term (30, 20, 15, or 10 years)

5. Add estimated annual property taxes and homeowner's insurance

6. Click Calculate to see your full monthly payment breakdown

What Your Monthly Mortgage Payment Includes

Your total monthly payment typically has four components — often called PITI:

• Principal — the portion that reduces your loan balance

• Interest — the cost of borrowing, determined by your rate and loan amount

• Taxes — property taxes collected monthly and paid to your county (Montgomery County averages about 1% annually)

• Insurance — homeowner's insurance, typically $1,200–$2,400 per year in Maryland

What About PMI?

If your down payment is less than 20% on a conventional loan, you'll also pay Private Mortgage Insurance (PMI) — typically 0.5–1.5% of the loan amount annually. PMI is not included in this calculator. However, FHA loans have their own Mortgage Insurance Premium (MIP), and VA loans have no PMI at all. Dan Freshley can walk you through the real numbers for your specific situation.

Ready for Your Real Numbers? Call Dan Freshley

This calculator gives you a great estimate — but your actual mortgage payment depends on your credit score, loan type, and current market rates. Call Dan Freshley at (301) 332-9432 for a free, no-obligation pre-approval. You'll know exactly what you qualify for, what your real payment will be, and which loan program is right for you. Dan Freshley Home Loans, Gaithersburg MD 20879. NMLS #196245. Serving Maryland, DC, Virginia and nationwide.