What are average mortgage rates in Maine in 2026?

Mortgage rates in Maine generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Maine mortgage calculator to model your payment at current rates.

How much are closing costs in Maine?

Closing costs in Maine typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Maine mortgage calculator to include closing costs in your calculation.

What are property tax rates in Maine?

Property tax rates in Maine range from 0.3% to 2.5% of assessed value. CalcDeck's Maine calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Maine?

Maine offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Maine calculator to see how programs affect your payment.

How do I use the CalcDeck Maine mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Maine averages. Get instant monthly payment, total interest, and amortization schedule.

Maine Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Maine homeowners.

Maine at a Glance

Median Home Price: $345,000
Property Tax Rate: 1.19%
Median Household Income: $67,291
Annual Property Tax: $4,106

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Maine

Based on the Maine median home price of $345,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$276,000	$327,750
Principal and Interest	$1,781	$2,115
Property Tax (ME)	$342	$342
Homeowners Insurance	$125	$125
PMI	$0	$137
Total Monthly	$2,248	$2,719

How Much House Can You Afford in Maine?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$96,347/year to afford Maine's median home
With 5% down, you need ~$116,511/year
Maine's median household income is $67,291

Maine insight: Maine's property tax rate of 1.19% is near the national average.

Maine Housing Market Overview

Maine's housing market has seen significant price appreciation as remote workers from Boston and New York relocate northward. The statewide median of $345,000 reflects Portland at $485,000, Bangor $240,000, and Lewiston-Auburn $260,000. Inventory is extremely tight at 2.2 months. The median household income of $67,291 yields a price-to-income ratio of 5.1. The effective property tax rate of 1.19% is moderate, adding about $4,106/year on a median home. Heating costs ($2,500–$4,000/year for oil or propane) significantly impact affordability. Coastal properties command premiums 30–50% above inland areas. Maine has become a retirement destination, with strong demand in York and Cumberland counties.

First-Time Homebuyer Programs in Maine

The Maine State Housing Authority (MaineHousing) offers the First Home Loan program, providing 30-year fixed-rate mortgages with down payment assistance of up to $10,000 for qualified first-time buyers. The Advantage program offers a lower interest rate but requires a higher credit score. MaineHousing also administers the Salute ME program for veterans and active-duty military, providing a 0.25% rate reduction. The Maine Statewide Homebuyer Assistance Program provides grants up to $5,000 for households earning below 80% of area median income. Additionally, the Mortgage Credit Certificate (MCC) program offers a 20% federal tax credit on mortgage interest. Income limits: Cumberland County caps at $93,000 for a two-person household; rural counties cap at $72,000.

Tips for Homebuyers in Maine

1) Maine's 1.19% property tax means ~$342/month on a median home—budget for this plus high heating costs ($250–$350/month for oil heat). 2) Winterizing is critical; homes without proper insulation can have $500+ monthly heating bills in January/February. 3) Coastal homes need flood insurance—storm surge risk is increasing; check FEMA maps for Hancock and Washington counties. 4) Buy in late fall/winter for less competition, but inventory drops by 50% from summer peaks. 5) Well water quality is a concern statewide—test for arsenic, uranium, and bacteria, especially in granite-rich areas. 6) Radon levels are high in Maine; always test and budget $1,000–$1,500 for mitigation systems.

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Maine Mortgage FAQ

What is the median home price in Maine?

The median home price in Maine is approximately $345,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Maine?

The effective property tax rate in Maine is approximately 1.19% (Tax Foundation). On a $345,000 home, that is about $4,106/year in property taxes.

How much income do I need to buy a home in Maine?

Using the 28/36 rule with 20% down at 6.7%, you would need about $96,347/year to afford the median Maine home at $345,000. With 5% down (including PMI), about $116,511.

What will my monthly mortgage payment be in Maine?

On Maine's median home price of $345,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $2,248. With 5% down including PMI, about $2,719.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.