Calculate mortgage payments, interest, and amortization schedule for Maine home loans
Maine average: $2,880/year
Maine average: $1,920/year
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Our Maine mortgage calculator is a specialized tool designed to help Maine homeowners and homebuyers estimate their monthly mortgage payments, total interest costs, and amortization schedules. Maine's unique housing market, with diverse property types from coastal cottages to mountain retreats, requires a calculator that accounts for varying property values and specific state requirements. Our Maine mortgage calculator provides accurate payment estimates for homes across the Pine Tree State, from Portland to Bangor to Bar Harbor.
Maine offers a distinctive housing market with opportunities for both coastal and inland homebuyers. With a mix of historic properties, waterfront homes, and rural cabins, understanding your total housing costs is crucial for financial planning. Our calculator includes Maine-specific costs such as property taxes and insurance rates that vary by county. Whether you're purchasing a Victorian in Portland or a lake house in rural Maine, this calculator helps you understand the true cost of Maine homeownership.
Let's calculate a typical mortgage for a Maine home purchase:
Based on these inputs, your total monthly payment would be approximately $1,894.43, broken down as follows: $1,494.43 for principal and interest, $240.00 for property tax, $160.00 for insurance, and $0 for HOA fees. Over the 30-year term, you would pay $299,994.80 in interest, making the total repayment $559,994.80. Our Maine mortgage calculator shows how these costs compare to other states in the Northeast region.
Maine's housing market varies greatly from coastal areas like Portland and Kennebunkport to inland regions like Bangor and Augusta. The state attracts buyers seeking natural beauty, historic charm, and four-season recreation opportunities.
Maine has moderate property taxes compared to neighboring states, with an average effective rate of 1.20%, which is slightly above the national average of 1.08%. Property tax rates vary significantly by municipality, with some coastal areas having higher rates due to increased property values.
Home insurance costs in Maine average $1,920 annually, with costs varying by location. Coastal areas face higher premiums due to flood risks, while inland areas may have lower costs. Insurance is required for all mortgaged properties.
Maine's housing market has experienced steady growth, particularly in areas like Portland, Freeport, and coastal communities, driven by remote work trends and the state's natural beauty and quality of life.
Down payment requirements in Maine follow national standards. Conventional loans typically require 3-20% down, FHA loans require as little as 3.5% down, and VA loans (available to eligible veterans) may require no down payment. USDA loans are also available in eligible rural Maine areas with no down payment required.
Maine has moderate property taxes with an average effective rate of 1.20%, which is slightly above the national average of 1.08%. Property tax rates vary significantly by municipality, with some coastal areas having higher rates due to increased property values.
Yes, Maine offers several first-time homebuyer assistance programs through the Maine State Housing Authority. These include down payment assistance, closing cost help, and favorable financing terms. Additionally, many local housing authorities offer programs specific to their areas.
Maine homeowners pay an average of $1,920 per year for home insurance, with costs varying significantly based on location. Coastal areas face higher premiums due to flood risks. Insurance is required for all mortgaged properties.
Maine's housing market is unique due to its coastal character, historic New England charm, and four-season recreational opportunities. The state attracts buyers seeking waterfront properties, historic homes, and natural beauty. The market varies significantly between coastal and inland areas.