Maine Mortgage Calculator
Estimate your monthly mortgage payment in Maine based on the state median home price of $350K, a 1.3% property tax rate, and $1K/year homeowners insurance.
Why This Matters in Maine
In Maine, property taxes average 1.3% of assessed value. On the state median home of $350K, that adds $379/month to your mortgage payment — close to the national average. Combined with $108/month for homeowners insurance, your non-mortgage housing costs in Maine total $487/month before you even account for principal and interest.
Maine's median home price of $350K is in the moderate range nationally. Most conventional loan programs with 5-10% down are well-suited for this price range.
What to Expect for a Mortgage Payment in Maine
On the median Maine home priced at $350K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,991 per month. Add $379/mo in property taxes and $108/mo for homeowners insurance, and the total PITI comes to approximately $2,479 each month. That median price sits about 0% below the national median of roughly $350K, which directly shapes how much house most Maine borrowers can realistically target.
At $350K, Maine's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($70K) eliminates PMI and drops the monthly payment to roughly $2,257, saving about $222 per month compared to the 10%-down scenario.
Homeowners insurance in Maine averages around $1K per year, which adds $108 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the MaineHousing First Home program, which offers $5,000 advantage grant for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.