Maine variant. This is a Maine-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
With a median home value of $380,000 and an effective property tax rate of 1.24%, a typical Maine mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Maine mortgage payment
On the $380,000 median home with 20% down ($76,000), you'd finance about $304,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $1,921/month.
Maine's 1.24% effective property tax adds about $393/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Maine
Maine uses a graduated income tax that tops out above 7%.
Maine has above-average property taxes and offers a homestead exemption that reduces the taxable value of a primary residence.
Maine's economy relies on tourism, fishing and lobstering, forestry, and a large share of older residents and seasonal homes.
Worked example: $380,000 home in Maine
Price $380,000, 20% down ($76,000), loan $304,000 at 6.5% for 30 years → P&I ≈ $1,921/mo. Add property tax ≈ $393/mo (1.24% of value ÷ 12). Total before insurance ≈ $2,314/mo.
Quick reference
- State income tax: 5.8-7.15% across 3 brackets
- State sales tax: 5.5% (plus 0.00% avg local)
- Median home value: $380,000
- Median household income: $71,139
- Effective property tax rate: 1.24%
- Avg auto insurance: $952/yr
Frequently Asked Questions
How much is a mortgage on a $380,000 Maine home?
With 20% down at 6.5% over 30 years, principal and interest run about $1,921/month, before Maine's 1.24% property tax and insurance.
What is the property tax rate in Maine?
Maine's effective property tax rate is about 1.24% of home value per year.