Mortgage Calculator & Closing Costs: Scarborough, ME
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Scarborough, Maine.
Median Home Price
$495K
Population
22K
Avg Monthly Rent
$1,850
Property Tax Rate
1.3% *
* Property tax shown is the Maine state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Scarborough.
Scarborough vs Maine Median
The median home price in Scarborough is $495,000, which is 41% above the Maine state median of $350,000.
Mortgage Calculator — Scarborough, ME
Pre-filled with Scarborough median home price and Maine tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $495K home using Maine's 1.3% tax rate and $1,300/yr insurance.
5% Down
$3,891/mo
Down: $24,750
Loan: $470K
P&I: $2,972
Tax: $536
Insurance: $108
PMI: $274
10% Down
$3,720/mo
Down: $49,500
Loan: $446K
P&I: $2,816
Tax: $536
Insurance: $108
PMI: $260
20% Down (No PMI)
$3,148/mo
Down: $99,000
Loan: $396K
P&I: $2,503
Tax: $536
Insurance: $108
Income needed (28% rule): $135K/year with 20% down, $159K/year with 10% down.
Rent vs Buy in Scarborough
Rent
$1,850/mo
vs
Buy (10% down)
$3,720/mo
Price-to-rent ratio: 22.3 — At a ratio above 20, renting may be more economical in Scarborough for shorter stays. Buying costs $1,870 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Scarborough is $495,000, 41% above the Maine state median of $350,000. With a population of 22,135, Scarborough is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Maine average 1.3% annually. This moderate property tax rate means a $495,000 home in Scarborough would carry roughly $536/month in property taxes. Homeowners insurance in Maine runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Scarborough is $1,850/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Scarborough is a higher-cost market. At $495K median, buyers need significant savings or strong income. Down payment assistance through Maine's MaineHousing First Home program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Scarborough.