Mortgage Calculator & Closing Costs: South Portland, ME
Mortgage payment estimates, closing cost breakdowns, and homebuying data for South Portland, Maine.
Median Home Price
$425K
Population
26K
Avg Monthly Rent
$1,720
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 South Portland.
South Portland vs Maine Median
The median home price in South Portland is $425,000, which is 21% above the Maine state median of $350,000.
Mortgage Calculator — South Portland, ME
Pre-filled with South Portland median home price and Maine tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $425K home using Maine's 1.3% tax rate and $1,300/yr insurance.
5% Down
$3,356/mo
Down: $21,250
Loan: $404K
P&I: $2,552
Tax: $460
Insurance: $108
PMI: $236
10% Down
$3,210/mo
Down: $42,500
Loan: $383K
P&I: $2,418
Tax: $460
Insurance: $108
PMI: $223
20% Down (No PMI)
$2,718/mo
Down: $85,000
Loan: $340K
P&I: $2,149
Tax: $460
Insurance: $108
Income needed (28% rule): $116K/year with 20% down, $138K/year with 10% down.
Rent vs Buy in South Portland
Rent
$1,720/mo
vs
Buy (10% down)
$3,210/mo
Price-to-rent ratio: 20.6 — At a ratio above 20, renting may be more economical in South Portland for shorter stays. Buying costs $1,490 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 South Portland is $425,000, 21% above the Maine state median of $350,000. With a population of 25,665, South Portland 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 $425,000 home in South Portland would carry roughly $460/month in property taxes. Homeowners insurance in Maine runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in South Portland is $1,720/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.
South Portland is a higher-cost market. At $425K 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 South Portland.