Mortgage Calculator in Maine

Calculate your monthly mortgage payment in Maine using the 2026 median home price of $381K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Remote work demand and coastal appeal have pushed prices upward here in recent years, landing the median home at $381,000 — well above historical norms for this market. Property taxes run at 1.36%, which on the median home generates about $5,182 per year in tax obligations. Closing costs average 1.8%, adding roughly $6,858 at settlement on the median purchase. First-time buyers should investigate the MaineHousing First Home Loan and the Advantage Program, both of which offer below-market mortgage rates and down-payment assistance for qualifying buyers. A 10% down payment requires $38,100 in cash. The market has become competitive, particularly in southern Maine, Portland, and coastal communities, where out-of-state buyers have absorbed available inventory. Inland and rural communities remain more buyer-friendly with stronger inventory and less bidding pressure. Maine law does not impose transfer taxes that significantly inflate closing costs, but buyers should budget for septic and well inspections on rural properties, which add costs not typical in urban markets. Use the mortgage calculator to model the full monthly payment including property tax, which adds meaningfully to the monthly cost here.

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Maine's average mortgage rate of 6.51% and median home price of $381K produce a monthly P&I of approximately $2,170 before taxes and insurance.

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Maine Housing Market at a Glance (2026)

$381K

Median Home Price

6.51%

Avg Mortgage Rate

1.36%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Maine: Costs to Know

Average closing costs1.8% of purchase price

On a $381K home, closing costs â‰ˆ$6,858

Median household income$76,442/yr

State income tax (top rate)7.15%

First-Time Buyer Programs in Maine

Maine offers state-sponsored programs that can reduce your down payment or closing costs:

✓MaineHousing First Home Loan
✓Advantage Program

How Mortgage Payments Work in Maine

A standard mortgage payment in Maine is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $381K home in Maine with a 10% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $2,170/month— not including property taxes or homeowner's insurance.

Maine's property tax rate of 1.36% adds roughly $432/month to your total housing cost on a $381K home. This rate is near the national average of ~1.1%.

Maine vs. National Average

Metric	Maine	National Avg
Median Home Price	$381,000	$420,000
Property Tax Rate	1.36%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	114	100

Questions You Might Ask — Mortgage Calculator in Maine

What is the average mortgage payment in Maine?

Based on the median home price of $381K in Maine with a 10% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,170. Adding property taxes (~$432/mo) and homeowner's insurance, total PITI is typically $2,752–$2,852/month.

What is the property tax rate in Maine?

Maine has an average effective property tax rate of 1.36%. On the median home price of $381K, that equals roughly $5,182 per year — or $432 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in Maine?

The typical down payment in Maine is 10% — about $38,100 on the median $381K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like MaineHousing First Home Loan.

What are closing costs in Maine?

Average closing costs in Maine are approximately 1.8% of the purchase price — about $6,858 on the median $381K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Maine?

To afford the $381K median home in Maine under the 28% housing-cost rule, you need a gross monthly income of at least $9,829 — roughly $118K/year. The median household income in Maine is $76,442.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.