Maryland Seller Closing Cost Calculator

Closing Cost Calculator for Maryland: Seller Averages

This free calculator can help home sellers in Maryland estimate their closing costs and net proceeds. To get a ballpark idea of the cost of selling a house in the Free State, enter the information for each of the input fields above. You can see typical or state averages for most Maryland seller closing costs below.

Home Selling Price: $415,000

How does your home compare to the state’s median selling price of $415,000? To determine your listing price, you can:

1. Get a preliminary estimate with HomeLight’s free Home Value Estimator
2. Request a Comparative Market Analysis (CMA) from a top Maryland agent
3. Purchase a pre-listing home appraisal (typically $625 in Maryland)
4. Visit this HomeLight map link to compare recently sold homes in Maryland

Mortgage Payoff Amount: $285,251

According to Experian’s credit experts, the average mortgage balance for Maryland homeowners is $285,251. To find your exact payoff amount, check your latest mortgage statement or contact your mortgage servicer.

Listing Agent Fee: $10,375–$12,450

A typical listing agent commission in Maryland is 2.5% to 3% of the home’s selling price. On a $415,000 house, your agent’s fee might range from $10,375–$12,450.

Buyer’s Agent Fee: $10,375–$12,450

In the past, sellers covered both the listing agent and the buyer’s agent fees. However, following a landmark court settlement by the National Association of Realtors, buyers are now expected to negotiate compensation directly with their own agents. If you’re offering to pay this fee to attract buyers, on a $415,000 median-priced Maryland home, you can expect to pay $10,375–$12,450.

Detailed Closing Costs: $15,355

Closing costs in Maryland average about 3.7% of the home’s sale price, higher than in many other U.S. states. On a median-priced home of $415,000, you might pay $15,355. Below are some of the typical types of closing costs you can expect:

• Home Preparations: This can include improving the home’s curb appeal, which means landscaping, deep cleaning the interior, or staging the property.
• Renovations/Repairs: You’ll want to fix or update your property to keep pace with inspection queries or market demand.
• Title Service Fees: Title company work is required to verify legal ownership and help manage the property transfer. The buyer typically pays for this in Maryland, but sellers can offer to do so as a concession.
• Owner’s Title Insurance: A one-time insurance premium that is usually paid by the seller to protect the buyer from title issues or ownership disputes. The buyer and seller in Maryland traditionally split this.
• Transfer Taxes: Transfer taxes are traditionally split between the buyer and seller in Maryland, which levies a tax of .5 percent of the actual consideration, unless they are a first-time Maryland home buyer purchasing a principal place of residence, in which case the transfer tax rate is instead .25 percent of the actual consideration. (See more below.)
• Recording Fees: Fees paid to the local government to officially record the change in property ownership.
• Buyer Incentives: Credits or concessions you might offer buyers, such as paying the buyer’s agent fees or offering a rate buydown.
• Other Costs: Miscellaneous expenses not covered in other categories, such as attorney fees and HOA transfers. (An attorney is not required to sell a house in Maryland.)
• Moving Expenses: While not technically a closing cost, you should include this expense in your budget, which can range from $883 to $7,000.

In Maryland, both the buyer and the seller of a property are responsible for paying transfer taxes. However, home sellers can offer to pay for this as a concession for buyers. Our calculator assumes a 50/50 split.

At the state level, Maryland’s transfer tax is levied at a rate of .5% of the property’s purchase price (or actual consideration). Additional rates may vary by county.

However, first-time home buyers in the state who are purchasing a primary place of residence in Maryland are eligible to be taxed at a rate of .25%. First-time home buyers are required to submit an exemption form to determine eligibility.

In addition, a Recordation Tax is charged on any property sale at $4.10 per $500. This increases to 1.35% of the property sale for transactions over $500,000.

More Helpful Seller Tools From HomeLight

Here are some additional tools you may find helpful as you plan your Maryland home sale:

• Listing Agent Match platform
• Home Value Estimator
• Best Time to Sell Calculator
• Agent Commissions Calculator
• Net Proceeds Calculator

Want to avoid closing costs and sell fast? Get a cash offer today.

With HomeLight’s Simple Sale platform, you can receive a no-obligation, all-cash offer in 24 hours and close in as few as 10 days. Answer a few questions about your Maryland home to get started. Along with your offer, you’ll also see an estimate of what a top Maryland agent might be able to get for your home. Get both options with one tool.

As you look ahead to your next home purchase, here are some helpful buyer tools:

• Home Affordability Calculator
• Down Payment Calculator
• Closing Costs Calculator
• Buyer’s Agent Match platform