Maine Mortgage Calculator
The median home price in Maine is $340,000. With a 20% down payment at the state's average 30-year fixed rate of 7.1%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $2,220. Maine's property tax rate of 1.09% annually is above the U.S. national average of 1.07%.
A buyer earning Maine's median household income of $68,000 would dedicate roughly 39% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$340,000
Avg 30-yr Rate
7.1%
Property Tax Rate
1.09%/yr
Est. Monthly PITI
$2,220
Mortgage Calculator
Total Monthly Payment
$2,220.09
Loan Amount
$272,000
Total Paid
$658,054
Total Interest
$386,054
How to Get a Mortgage in Maine
- 1 Check your credit score. In Maine, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $340,000 Maine home, 20% down is $68,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Maine average 7.1%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $8,160–$13,600 on a median Maine purchase.
- 5 Budget for ongoing costs: Maine property taxes average 1.09%/yr ($3,706/yr on the median home), plus homeowner's insurance averaging $1.000/yr.
Monthly Cost Breakdown — Median Maine Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Maine Mortgage FAQs
What is the average home price in Maine?
The median home price in Maine is $340,000 (2024 estimate). With a typical 20% down payment of $68,000, a buyer would finance $272,000 at a 30-year fixed rate.
What are property taxes like in Maine?
Maine has an average effective property tax rate of 1.09% of assessed home value. On a $340,000 home, that's approximately $3,706 per year ($309/month) — above the national average of 1.07%.
How much income do I need to buy a home in Maine?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Maine home, you'd need to earn roughly $95,147 per year. The state's median household income is $68,000, meaning the typical household allocates about 39% of gross income to housing — significantly strained.
What is the average mortgage rate in Maine?
The average 30-year fixed mortgage rate in Maine is approximately 7.1% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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