Maryland mortgage calculator

What is a Maryland mortgage calculator?

A Maryland mortgage calculator is an automated tool to help you calculate your monthly mortgage payment. Your mortgage payment will be calculated based on the variables of loan amount, interest rate, and term. The Maryland mortgage calculation will provide an amortization chart to illustrate the number of payments per year, total number of payments and the regular payment amount. Some Mortgage Calculators in Maryland will include other monthly mortgage costs including property taxes, property insurance and mortgage insurance. In the article below we will explain rates, simple how to formulas, calculations, down payments and amortization charts.

Maryland Mortgage Calculator definitions

Home Price

The amount of money needed to purchase the house.

Down Payment

The down payment is the amount of money the borrower wants to put down to purchase the home or the required amount by the lender. Normally, this can be inputted as a dollar amount or a percentage. The mortgage amount will cover the difference between the down payment and the home price.

Loan Amount

The loan amount is the dollar figure that will be financed. So, the home or purchase price, minus the down payment equals the loan amount.

Mortgage Rate

The interest rate on a mortgage is known as the mortgage rate. Mortgage rates are set by the lender and can be fixed or variable, with the latter adjusting once the fixed period ends. Mortgage rates fluctuate daily and are dependent on a borrower’s credit history, the loan scenario, and loan type.

Loan Term

The length of the mortgage is referred to as the loan term. For example, the most common loan terms are 10 year, 15 year, 20 year, and 30 year. Make sure you input the loan term properly. Some mortgage calculators will ask for the loan term in months and some in years. So, a 30 year loan term expressed in months would be 360.