Maine Mortgage Calculator
Estimate your monthly mortgage payment in Maine with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Maine is $375,000 with an effective property tax rate of 1.29%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
Optional
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $22,754.40 | $3,353.12 | $19,401.28 | $296,646.88 |
| 1 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | $1,896.20 | $272.67 | $1,623.53 | $299,456.13 |
| 3 | $1,896.20 | $274.15 | $1,622.05 | $299,181.98 |
| 4 | $1,896.20 | $275.63 | $1,620.57 | $298,906.35 |
| 5 | $1,896.20 | $277.12 | $1,619.08 | $298,629.23 |
| 6 | $1,896.20 | $278.63 | $1,617.57 | $298,350.60 |
| 7 | $1,896.20 | $280.13 | $1,616.07 | $298,070.47 |
| 8 | $1,896.20 | $281.65 | $1,614.55 | $297,788.82 |
| 9 | $1,896.20 | $283.18 | $1,613.02 | $297,505.64 |
| 10 | $1,896.20 | $284.71 | $1,611.49 | $297,220.93 |
| 11 | $1,896.20 | $286.25 | $1,609.95 | $296,934.68 |
| 12 | $1,896.20 | $287.80 | $1,608.40 | $296,646.88 |
Year 2 | $22,754.40 | $3,577.68 | $19,176.72 | $293,069.20 |
Year 3 | $22,754.40 | $3,817.29 | $18,937.11 | $289,251.91 |
Year 4 | $22,754.40 | $4,072.94 | $18,681.46 | $285,178.97 |
Year 5 | $22,754.40 | $4,345.71 | $18,408.69 | $280,833.26 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Maine Housing Snapshot
| Median Home Value | $375,000 |
| Effective Property Tax Rate | 1.29% |
| Estimated Annual Property Tax | $4,838 |
| State Income Tax | Up to 7.15% |
| Homestead Exemption | $25,000 reduction in assessed value for owner-occupied primary residence |
| Avg Homeowners Insurance | $945/yr |
| Transfer & Recording Taxes | Real estate transfer tax $2.20 per $500 (0.44%), split between buyer and seller |
What Makes Buying in Maine Different
Maine has seen one of the largest housing price increases in the Northeast since 2020, driven by remote-work migration from Boston, New York, and other coastal cities seeking lifestyle improvement. Portland, the state's economic center, now has a median home value above $555,000, more than doubling from 2018. Statewide median is around $375,000 with rural areas significantly more affordable. Property tax is on the higher side at 1.29% effective, with municipalities funding most services locally given limited state aid. The $25,000 homestead exemption reduces assessed value for owner-occupied primary residences. State income tax tops at 7.15%, one of the higher rates in New England. Insurance is very affordable at $945 per year, reflecting limited tornado and hurricane exposure, though coastal properties carry storm risk and inland properties can face winter ice and snow damage. Maine's real estate transfer tax is 0.44% of sale price, typically split between buyer and seller.
Top Cities in Maine
| City | Median Home Value |
|---|---|
| Portland | $555,000 |
| Bangor | $245,000 |
| Lewiston | $245,000 |
| Auburn | $285,000 |
| South Portland | $495,000 |
Maine experienced one of the largest price increases in the Northeast since 2020. Portland's median home value rose from approximately $290,000 in 2019 to over $555,000 today. Remote-work migration from Boston, New York, and other expensive coastal metros drove the increase. Smaller coastal markets like Bar Harbor and Camden saw similar appreciation. Inland and northern Maine markets remained more affordable.
Maine provides a $25,000 reduction in assessed value for owner-occupied primary residences. To qualify, you must have owned a home in Maine for at least 12 months and declare it as your permanent residence. The exemption is partially reimbursed by the state to municipalities, so it does not reduce local revenue. Apply with your municipal assessor.
Maine charges a real estate transfer tax of $2.20 per $500 of consideration (0.44%), split equally between buyer and seller in most transactions. On a $375,000 home, each party pays approximately $825. The tax is paid at closing through the Register of Deeds, with the form filed alongside the deed.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.