Finance · Maine
Maine Mortgage Calculator (2026)
Calculate your monthly payment with Maine-specific property tax (1.36%) and average insurance ($1,100/yr).
Maine defaults: property tax ≈ 1.36% of home value · homeowners insurance ≈ $1,100/year. The calculator below is preset with these — adjust for your specific situation.
Standard loan; PMI if DP < 20%, drops at 78% LTV.
Annual costs
Monthly payment
$3,464.89
PITI + PMI/MIP
Payment breakdown
Principal & interest
$2,694.48
Property tax
$510.00
Insurance
$91.67
PMI
Drops month 115
$168.75
Total monthly
$3,464.89
Loan summary
Loan amount
90.0% LTV
$405,000
Total interest paid
$565,011
Amortization schedule (first 12 + every 12 months)
| Month | Principal | Interest | PMI/MIP | Balance |
|---|---|---|---|---|
| 1 | $331.98 | $2,362.50 | $168.75 | $404,668 |
| 2 | $333.91 | $2,360.56 | $168.75 | $404,334 |
| 3 | $335.86 | $2,358.62 | $168.75 | $403,998 |
| 4 | $337.82 | $2,356.66 | $168.75 | $403,660 |
| 5 | $339.79 | $2,354.69 | $168.75 | $403,321 |
| 6 | $341.77 | $2,352.70 | $168.75 | $402,979 |
| 7 | $343.77 | $2,350.71 | $168.75 | $402,635 |
| 8 | $345.77 | $2,348.70 | $168.75 | $402,289 |
| 9 | $347.79 | $2,346.69 | $168.75 | $401,942 |
| 10 | $349.82 | $2,344.66 | $168.75 | $401,592 |
| 11 | $351.86 | $2,342.62 | $168.75 | $401,240 |
| 12 | $353.91 | $2,340.57 | $168.75 | $400,886 |
| 24 | $379.49 | $2,314.98 | $168.75 | $396,475 |
| 36 | $406.93 | $2,287.55 | $168.75 | $391,744 |
| 48 | $436.34 | $2,258.13 | $168.75 | $386,672 |
| 60 | $467.89 | $2,226.59 | $168.75 | $381,233 |
| 72 | $501.71 | $2,192.76 | $168.75 | $375,401 |
| 84 | $537.98 | $2,156.50 | $168.75 | $369,147 |
| 96 | $576.87 | $2,117.61 | $168.75 | $362,441 |
| 108 | $618.57 | $2,075.90 | $168.75 | $355,251 |
| 120 | $663.29 | $2,031.19 | — | $347,540 |
| 132 | $711.24 | $1,983.24 | — | $339,272 |
| 144 | $762.65 | $1,931.82 | — | $330,407 |
| 156 | $817.79 | $1,876.69 | — | $320,900 |
| 168 | $876.90 | $1,817.57 | — | $310,707 |
| 180 | $940.29 | $1,754.18 | — | $299,776 |
| 192 | $1,008.27 | $1,686.21 | — | $288,056 |
| 204 | $1,081.16 | $1,613.32 | — | $275,488 |
| 216 | $1,159.31 | $1,535.16 | — | $262,011 |
| 228 | $1,243.12 | $1,451.36 | — | $247,561 |
| 240 | $1,332.99 | $1,361.49 | — | $232,065 |
| 252 | $1,429.35 | $1,265.13 | — | $215,450 |
| 264 | $1,532.67 | $1,161.80 | — | $197,633 |
| 276 | $1,643.47 | $1,051.00 | — | $178,529 |
| 288 | $1,762.28 | $932.20 | — | $158,043 |
| 300 | $1,889.67 | $804.80 | — | $136,076 |
| 312 | $2,026.28 | $668.20 | — | $112,522 |
| 324 | $2,172.76 | $521.72 | — | $87,265 |
| 336 | $2,329.83 | $364.65 | — | $60,181 |
| 348 | $2,498.25 | $196.23 | — | $31,140 |
| 360 | $2,678.85 | $15.63 | — | $0 |
Buying a home in Maine
Maine property tax averages 1.36% of home value per year — making it about average for the US. Combined with the typical $1,100/year homeowners insurance, taxes and insurance add roughly $602/month to your mortgage payment on a $450K home.
Always verify property tax with your specific county assessor — rates can vary significantly within a state. Insurance quotes from 3+ providers are recommended; rates for the same coverage can vary 30-50% across carriers.
Frequently Asked Questions
What's the average property tax rate in Maine?▾
Maine's effective property tax rate is approximately 1.36% of home value per year. On a $450,000 home, that's about $6,120 per year (or $510/month). The calculator above uses this as the default — adjust if your specific county is higher or lower.
What's a typical homeowners insurance cost in Maine?▾
The average annual homeowners insurance premium in Maine is around $1,100 for a typical home. High-risk states (Florida, Louisiana, Texas) tend to be higher due to hurricane/flood/wildfire exposure; low-cost states (Oregon, Hawaii, DC) sit at $1,000 or less.
How much do I need to put down on a Maine mortgage?▾
Conventional loans typically require 5-20% down. FHA allows just 3.5% down with a 580+ credit score. VA loans (military) allow 0% down. Putting 20%+ avoids PMI entirely on conventional loans, saving you 0.5-1% of the loan amount per year.
What credit score do I need to buy a home in Maine?▾
Conventional: 620 minimum (740+ for best rates). FHA: 580 with 3.5% down, or 500 with 10% down. VA: most lenders want 620 even though VA itself has no minimum. Higher credit = lower rate = thousands in savings over the life of the loan.
Should I rent or buy in this market?▾
Generally buying makes sense if you plan to stay 5+ years and your monthly payment (including taxes, insurance, maintenance) is within ~30% of your gross income. Use the calculator above to see your real monthly cost — many buyers underestimate the non-mortgage costs by 30-40%.