Financial Calculators

Maine Mortgage Calculator

Estimate mortgage payments in Maine. Calculates PITI using Maine's average property tax rate (1.36%) and typical homeowners insurance.

Formula Verified & Maintained by:David Miller, CPA

CPA, M.S. Finance (NYU Stern) • Lead Financial Analyst & Tax Technology Editor

Peer-Reviewed AlgorithmAudited for 2026 Rules

Interactive Calculator

1. Provide Details

Home Purchase Price ($)

Down Payment ($)

Interest Rate (APR %)

Loan Term (Years)

2. Output Results

Monthly Principal & Interest1706.58 $

Maine Property Tax Reserves (1.36%)340.00 $

Homeowners Insurance Reserves137.50 $

Total Monthly Payment (PITI)2184.08 $

How to Calculate: Formula & Steps

Calculates the amortized monthly mortgage payment and appends standard Maine property tax rates.

Formula Used:Monthly Payment = P&I + Monthly Tax (1.36% annual) + Monthly Insurance (0.55% annual)

Step-by-Step Calculation Example

A $300k home in Maine with 10% down ($30k) at 6.5% interest costs approximately $2,185/month.

Common Mistakes to Avoid

Failing to account for local Maine municipal property tax adjustments.
Not budgeting for private mortgage insurance (PMI) if putting down less than 20%.

Practical Use Cases

Maine house shopping
Refinancing properties in Portland, Bangor, or Augusta

Expert Tips

Review Maine Housing (MaineHousing) first-time homebuyer programs for lower interest rates or down payment grants.

Maine Mortgage Financing: Municipal Property Taxes & MaineHousing Programs

Calculating home loan payments in the State of Maine requires accounting for principal, interest, local municipal property tax mil rates, and cold-climate homeowners insurance reserves.

Maine Municipal Property Tax & Homestead Exemption

Property taxes in Maine are assessed locally at the municipal town or city level, with an effective statewide average of approximately 1.36% of market value. The Maine Homestead Property Tax Exemption allows qualifying permanent residents to reduce the assessed property valuation of their primary home by up to $25,000.

MaineHousing First-Time Homebuyer Assistance

The Maine State Housing Authority (MaineHousing) offers the First Home Loan Program, providing low, fixed interest rates and up to $5,000 in grant assistance toward down payments and closing costs for eligible buyers in Cumberland, York, Penobscot, and other Maine counties.

Disclaimer

This calculation tool is provided for educational and informational estimation purposes only. Results are based on mathematical formulas and user-supplied parameters. They do not constitute formal underwriting, financial, tax, engineering, or legal determinations.

Frequently Asked Questions About Maine Mortgage Calculator

What is the property tax rate in Maine?

Maine's state average property tax rate is approximately 1.36% of the home value annually, though county rates vary.