In creating this calculator, the Maryland Department of Housing and Community Development (DHCD) made the following determinations in the interpretation of the revised Real Property Article ยง8-203 to create the logic and formulas necessary to provide these calculations:
  • Calculations are based on a start date defined as the date that the security deposit is given to the landlord, and an end date defined as the tenancy end date;
  • For the purposes of the calculation, all years have 365 days. For leap years (which have 366 days), the error represents less than $0.05 on a security deposit of $1,000 at an interest rate of 1.5%, and less than $0.10 on a security deposit of $1,000 at an interest rate of 3.0%.
  • The interest rate used to calculate each monthly payment is the interest rate in place on the first day of that period. Should a monthly payment period encompass two calendar years, the interest rate for the first of those calendar years will be applied to that payment period; and
  • Noting that the daily 1-year U.S. Treasury yield curve interest rate as of the first business day of a calendar year will only be available on January 2, 3 or 4, (depending on which day of the week January 1st falls on), any lease which begins on or after January 1 and before the first business day of the year will have the interest rate for that calendar year applied at the end of the relevant monthly period.
  • No interest is payable on a partial month at the end of a lease/tenancy.
  • Please enter the tenancy start date.

  • Please enter the tenancy end date.

  • $

    Please enter the amount of the security deposit. It should be greater than $50.

  • $
  • $