Maine has experienced one of the most dramatic housing market transformations in the Northeast, with Portland becoming a high-demand city rivaling much larger metros in price-per-square-foot. Remote worker migration, limited housing inventory, and the state's exceptional quality of life — coastline, mountains, and a thriving food and arts scene — have pushed the statewide median home price to approximately $414,000. While property taxes at 1.36% are above average, homeowners insurance is relatively affordable at around $1,100 per year.
Calculate Your Monthly Payment
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Select a program to apply FHA/VA/USDA rules.
Funding fee is often financed into the loan.
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20.0% of home price
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Used to estimate potential Year‑2 escrow shock if taxes reset after purchase.
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Used for Conventional PMI estimates and FHA minimum down rules
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Extra payments reduce balance faster and can end PMI sooner.
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Principal & Interest • Tax • Insurance • PMI • HOA
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Year‑2 estimate
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Note: This is an estimate. Tax timing, exemptions, and escrow rules vary by county and lender. Always verify with your county assessor and your lender’s escrow analysis.
Extra Payment Savings
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Disclaimer: Results shown are estimates for educational purposes only and do not constitute financial, tax, legal, or investment advice. Actual payments vary based on lender, credit score, loan type, and local assessments. Consult a licensed mortgage professional for your specific situation.
Maine Mortgage Calculator Guide
Buying a home in Maine requires understanding local costs. The median home price in the state sits around $414,000, which means your down payment and loan amount will heavily dictate your monthly expenses. Because Maine has an average property tax rate of 1.36%, factoring this into your monthly mortgage payment is essential for an accurate budget.
Beyond principal and interest, homeowners insurance in Maine averages $1,100 per year. Local weather risks and property age can push this number higher. By using our pre-loaded local averages, you get a realistic view of your true housing costs rather than just a basic principal calculation.
If you put down less than 20%, you will also need to pay Private Mortgage Insurance (PMI). Adjust the down payment field above to see exactly how your PMI drops off once you reach that 20% equity threshold in Maine.
Maine's average property tax rate of 1.36% is above the national average of 1.07%. Property is assessed at 100% of just value in Maine, and rates vary significantly by municipality — Portland and coastal towns carry higher rates while rural inland communities are lower. The state offers a homestead exemption of $25,000 for primary residences, reducing assessed value for qualifying owners. On a $414,000 home, annual property taxes average approximately $5,630 before exemptions.
Frequently Asked Questions
Maine's average property tax rate is 1.36%, above the national average of 1.07%. Property is assessed at 100% of just value. A homestead exemption of $25,000 is available for primary residences. On a $414,000 home, annual taxes average approximately $5,630 before the homestead exemption is applied.
Portland experienced a massive influx of remote workers and buyers relocating from Boston and New York during and after the pandemic. The city offers exceptional restaurants, arts culture, ocean proximity, and a walkable downtown — at prices that, while now high for Maine, remain below major coastal metros. Extremely limited housing inventory has sustained high prices even as mortgage rates increased.
MaineHousing offers the First Home Loan program with below-market 30-year fixed rates, the Advantage program providing $5,000 in down payment and closing cost assistance, and a Mortgage Credit Certificate program. Special incentives are available for first-generation homebuyers and buyers purchasing homes in targeted areas.
Maine's statewide median home price is approximately $414,000. Portland significantly exceeds the state median at around $520,000. Bangor and Lewiston-Auburn offer more affordable options near $275,000-$280,000. Coastal vacation markets in York County and Midcoast Maine command significant premiums above the state median.
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