Maryland variant. This is a Maryland-specific version of the Auto Loan Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Auto Loan Calculator.
Financing a car in Maryland means budgeting for both the loan payment and the state's $1,640 average annual auto insurance premium.
Auto loan + ownership costs in Maryland
On a $35,000 vehicle with 10% down, you'd finance $31,500. At 7% over 5 years, that's about $624/month.
Maryland drivers pay $1,640/year on average for insurance - about $137/month - plus the state's 6.00% combined sales tax on the purchase.
About taxes and housing in Maryland
Maryland combines a state income tax with mandatory county income taxes, so the combined rate varies significantly by where you live.
Maryland's property taxes are near the national average and include both state and county components.
Maryland consistently ranks among the highest in median household income, driven by federal government, biotech, and defense employment near Washington, D.C.
Worked example: $35,000 car in Maryland
Loan $31,500 at 7% for 5 years → $624/month. Insurance ≈ $137/month. Combined monthly cost of ownership ≈ $760 before fuel and maintenance.
Quick reference
- State income tax: 2-5.75% plus county tax (up to 3.2%)
- State sales tax: 6% (plus 0.00% avg local)
- Median home value: $425,000
- Median household income: $98,461
- Effective property tax rate: 1.02%
- Avg auto insurance: $1,640/yr
Frequently Asked Questions
How much is car insurance in Maryland?
The Maryland average is $1,640/year, or about $137/month.
What's a typical car payment in Maryland?
On a $35,000 car financed at 7% over 5 years, roughly $624/month.