Maine Mortgage Calculator

Calculate your monthly mortgage payment in Maine. Pre-filled with Maine's average property tax rate of 1.21%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$353
Homeowner's Insurance
$100
Total Monthly Payment
$2,223

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,223/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Maine Housing Overview

Maine has an average property tax rate of 1.21%. Maine's cost of living is about 2% above the national average, lower than most of New England.

Property Tax: 1.21%Progressive rates up to 7.15%Partial Social Security exemptionModerate cost of living for New England

Buying a Home in Maine

If you're considering buying a home in Maine, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Maine's average property tax rate of 1.21% to give you a more accurate estimate.

Maine Property Taxes

Maine has an average effective property tax rate of 1.21%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.21% rate means approximately $4235 per year, or $353 per month in property taxes alone.

Cost of Living in Maine

Maine's cost of living is about 2% above the national average, lower than most of New England. When evaluating whether to buy a home in Maine, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Maine Homebuyers

  • Maine's top rate of 7.15% kicks in at lower income levels than many states
  • Maine does not tax Social Security benefits for lower-income residents
  • Maine's cost of living is moderate for New England
  • Remote work opportunities allow Maine residents to earn higher metro-area salaries

Key Maine Features

  • Progressive rates up to 7.15%
  • Partial Social Security exemption
  • Moderate cost of living for New England

See How Your Maine Mortgage Fits Your Financial Plan

This calculator shows your Maine mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Maine Mortgage Costs with Other States

New Hampshire1.86% property taxMassachusetts1.12% property taxTexas1.80% property taxFlorida0.89% property taxCalifornia0.71% property tax

Frequently Asked Questions

What is the average property tax rate in Maine?
The average effective property tax rate in Maine is approximately 1.21%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Maine's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Maine?
Your mortgage payment in Maine depends on the home price, your down payment, interest rate, and loan term. With Maine's average property tax rate of 1.21%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Maine an affordable state to buy a home?
Maine's cost of living is about 2% above the national average, lower than most of New England. When evaluating affordability in Maine, consider not just the home price but also property taxes (1.21% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Maine property taxes compare to other states?
Maine's average property tax rate of 1.21% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Maine?
Most states, including Maine, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Maine's housing authority and the FHA, VA, and USDA loan programs for additional options.

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