Watcharu Finance

Maine mortgage calculator

The median home in Maine runs about $380,000. With 20% down that's a loan near $304,000 — the calculator is pre-filled with that figure. Maine's property tax rate runs above the national average and funds most local services directly, but low insurance costs and a homestead exemption soften the total. Prices jumped as remote workers moved in.

$1,973.76 / month

Total interest
$406,553
Total paid
$710,553
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$76k$152k$228k$304k0612182430Year

How it works

A full Maine payment is more than principal and interest. At the state's 1.24% effective property tax rate, a $380,000 home owes about $4,712 a year in tax, and homeowners insurance averages roughly $1,100 a year here. Together those add about $484 to the monthly payment before any HOA dues or PMI.

Maine's median household income is about $72,000, or $6,000 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,680 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Maine sell in about 30 days on average.

Frequently asked questions

What is a typical mortgage payment in Maine?
On the state's roughly $380,000 median home with 20% down, the loan is about $304,000. Principal and interest depend on your rate; on top of that, Maine's 1.24% effective property tax rate and about $1,100 a year in homeowners insurance add roughly $484 per month to the payment.
How much are property taxes on a home in Maine?
Maine's effective property tax rate averages about 1.24% of market value — roughly $4,712 a year on the $380,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Maine?
The average Maine homeowners policy runs about $1,100 a year. Maine's property tax rate runs above the national average and funds most local services directly, but low insurance costs and a homestead exemption soften the total. Prices jumped as remote workers moved in.
Can I afford a home in Maine on the median income?
Maine's median household income is about $72,000 a year, or $6,000 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,680 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Maine?
A for-sale home in Maine spends about 30 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

Other Maine calculators

Related calculators

Mortgage calculator for another state

← Full calculator & all states