Simplifying homebuyer closing costs in Maryland

How much will I need for closing costs? You hear this question from your homebuyers a lot, right?

Below I have provided a quick reference for calculating closing costs in Maryland. With the exception of lender origination charges or discount points, the factors include all closing costs such as settlement fees, owner’s and lender’s title insurance, and transfer/recordation taxes (assuming a 50/50 split between buyer and seller).

This will provide a close estimate if you are on the go without online access to exact closing costs using Federal Title’s Quick Quote tool.

Montgomery County, MD

To use this chart, multiply your purchase price by the appropriate closing costs factor. (Example: For a $375,000 purchase in Montgomery County by a First-time homebuyer, expressed as $375,000 x 0.0155 = $5,812.50)

Purchase Price — in $1,000s Closing Costs Factor
Repeat Buyer
Closing Costs Factor
First-time Homebuyer
Estimated Closing Costs
$100-199 0.0209 0.0184  
$200-299 0.0191 0.0166  
$300-399 0.0180 0.0155  
$400-499 0.0174 0.0149  
$500-599 0.0172 0.0147  
$600-699 0.0170 0.0145  
$700-799 0.0169 0.0144  
$800-899 0.0168 0.0143  
$900-999 0.0167 0.0142  
$1.000-1.099 0.0166 0.0141  
$1.100-1.199 0.0165 0.0140  
$1.200-1.299 0.0164 0.0139  
$1.300-1.399 0.0164 0.0139  
$1.400-1.499 0.0163 0.0138  

Prince George’s County, MD

To use this chart, multiply your purchase price by the appropriate closing costs factor. (Example: For a $375,000 purchase in Prince George’s County by a First-time homebuyer, expressed as $375,000 x 0.0170 = $6,375.00)

Purchase Price — in $1,000s Closing Costs Factor
Repeat Buyer
Closing Costs Factor
First-time Homebuyer
Estimated Closing Costs
$100-199 0.0228 0.0203  
$200-299 0.0207 0.0182  
$300-399 0.0195 0.0170  
$400-499 0.0188 0.0163  
$500-599 0.0183 0.0158  
$600-699 0.0177 0.0154  
$700-799 0.0176 0.0151  
$800-899 0.0173 0.0148  
$900-999 0.0171 0.0146  
$1.000-1.099 0.0169 0.0145  
$1.100-1.199 0.0168 0.0143  
$1.200-1.299 0.0166 0.0142  
$1.300-1.399 0.0165 0.0140  
$1.400-1.499 0.0164 0.0139  

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