Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Maine

Maine Mortgage Calculator

Set to Maine’s own property tax rate of 0.91% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($68,400)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,103
Monthly payment
$1,744
Principal & interest
$259
Taxes
$100
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $273,600 Interest paid $354,153
20262056
Total of 360 payments$757,023
Principal$273,600
Interest$354,153
Taxes$93,360
Insurance$35,910
HOA fees$0
P&I 82.9% Taxes 12.3% Insurance 4.7%
15- vs 30-year term at 6.58%
15-year
$2,395/mo P&I
$157,572 total interest
30-year · current
$1,744/mo P&I
$354,153 total interest
The 15-year term saves $196,581 in interest. Which term is right for you?

What these numbers come from

Median home value
$341,900
Median tax bill
$3,103
Effective tax rate
0.91%
Rank of 51
22nd highest

Maine taxes property at about 0.91% of value against 0.89% nationally. On a $342,000 home that is $6 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Maine home prices

20% down, 30-year fixed at 6.58%, with Maine property tax of 0.91% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$205,000 $164,000 $1,045 $155 $1,260
$274,000 $219,200 $1,397 $208 $1,685
$342,000 median $273,600 $1,744 $259 $2,103
$427,000 $341,600 $2,177 $324 $2,625
$513,000 $410,400 $2,616 $389 $3,154

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Maine taxes alone add $259 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $244 $1,500 $359 $273,356
Sep $245 $1,499 $359 $273,112
Oct $246 $1,498 $359 $272,865
Nov $248 $1,496 $359 $272,618
Dec $249 $1,495 $359 $272,369
2026 $1,231 $7,488 $1,795 $272,369
Jan $250 $1,493 $359 $272,119
Feb $252 $1,492 $359 $271,867
Mar $253 $1,491 $359 $271,614
Apr $254 $1,489 $359 $271,360
May $256 $1,488 $359 $271,104
Jun $257 $1,487 $359 $270,847

Refinancing in Maine

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Maine home loans in detail

Maine Mortgage Overview

With just over 40 people per square mile, there's something peaceful about living in the coastal region of Maine. Known as the Pine Tree State because it has so many pine trees, Maine is a gorgeous state for families to enjoy including breath-taking islands.

If Maine living sounds perfect for you, here are your loan options:

Maine FHA loans

Maine FHA loans make it easy for anyone to become a homeowner. You need just a 580 credit score and a 3.5 percent down payment. You can even use gift funds for the entire down payment. With a steady income and a decent debt ratio, you're well on your way to owning your own home.

Maine VA loans

Veterans can live in Maine with no down payment and attractive loan interest rates. The VA loan requires just a 620 credit score and 'decent' debt ratio. Veterans don't pay mortgage insurance but must live in the home as their primary residence.

Maine USDA loans

Maine has plenty of rural areas for low to moderate-income families to secure 100 percent financing. With just a 640 credit score, you can get a loan with low mortgage insurance rates and low closing costs.

Maine conventional loans

If you have great credit (at least 660) and low debt ratios, try the Maine conventional loan. You need only 3 percent down if you're a first-time homebuyer (5 percent if not), but you'll pay PMI until you build up 20 percent equity in the home.

First-Time Homebuyer Programs in Maine

First Home Loan

The MaineHousing Conventional Loan is a low-interest fixed rate loan for low income borrowers. This must be your first home (or you haven't owned a home in 3 years). Borrowers need a minimum credit score of 640.

Advantage Loan Program

This is a down payment and closing cost assistance program. You can get up to $3,500 in closing cost or down payment assistance, and you must contribute 1 percent of the sales price too. All borrowers must undergo homebuyer education.

Purchase Plus Improvement Loan

If you're buying a fixer-upper home, the Purchase Plus Improvement Loan provides funds to buy and renovate the home. You can borrow $5,000 - $35,000 for home improvements, but there is a 6 percent of construction cost fee for the program.

Mobile Home Self-Insured Program

If you're buying a mobile home, the Mobile Home Self-Insured Program provides loans up to $175,000. In place of mortgage insurance, you'll pay a slightly higher interest rate. Mobile home buyers must make a 5 percent down payment, but 2 percent may be gift funds or down payment assistance. You need a credit score of at least 640 and a max debt ratio of 43 percent.

Maine mortgage FAQ

How much is property tax on a home in Maine?
Maine homeowners pay an effective property tax rate of about 0.91 percent of home value — the 22nd highest of the 50 states and DC. On the state's median home value of $341,900 that works out to roughly $3,112 a year, or $259 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Maine home?
At $342,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,744 a month. Adding Maine property tax of roughly $259 a month and an estimated $100 of homeowner insurance brings the full payment to around $2,103.
Which home loan types can buyers use in Maine?
Maine buyers can use FHA loans with a 580 credit score and 3.5 percent down where gift funds can cover the entire down payment, VA loans with no down payment and a 620 score for veterans, USDA loans offering 100 percent financing in rural areas with a 640 score, or conventional loans with 3 percent down for first-time homebuyers with at least 660 credit.
What programs does Maine have for first-time homebuyers?
MaineHousing runs the First Home Loan, a low-interest fixed-rate mortgage for buyers with a 640 credit score who haven't owned a home in three years. It pairs with the Advantage down payment and closing cost assistance program, the Purchase Plus Improvement Loan for buying and renovating fixer-uppers, and the Mobile Home Self-Insured Program for mobile home purchases.
What credit score do you need to buy a house in Maine?
It depends on the loan type. FHA loans accept scores as low as 580 with 3.5 percent down, VA loans require about 620, and USDA loans need 640. Conventional loans in Maine look for at least 660, and MaineHousing options like the First Home Loan and the Mobile Home Self-Insured Program require a minimum 640 score.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.