Maine Mortgage Calculator

Washington County has the lowest median monthly mortgage payment in Maine at $1,040, compared to Cumberland County's highest at $3,310. These differences in median monthly mortgage payments in Maine can influence your financial stability, affecting both immediate budgeting and long-term savings and investments.

Using MoneyGeek's mortgage calculator in Maine allows you to estimate your monthly mortgage payment, determine which loan term suits your financial situation and see how much interest you pay over your loan's lifetime.

Mortgage Calculator

Simply estimate your Maine loan payments, taxes and PMI.

Updated: Sep 4, 2024

Fact Checked

Your Zip Code

Please enter a valid US Zip Code

Home Price

Down Payment (20%)

Loan Terms

30-Year Fixed

Interest Rate

Optional: add taxes, insurance, HOA Fees

Principal & interest

Property tax

Homeowner's insurance

PMI

HOA fees

Total monthly payment

Next Steps

Get personalized mortgage rates from Maine.

Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Key Takeaways

In Maine, Washington County has the lowest median monthly mortgage payment at $1,040, while Cumberland County has the highest at $3,310.

A mortgage calculator helps find a payment that fits your budget, adjust loan terms and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in Maine is 6.4%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Maine. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our Maine Mortgage Calculator

MoneyGeek's mortgage calculator in Maine can help you calculate your monthly mortgage payments and determine your mortgage's affordability. You'll also gain a clear understanding of your amortization schedule, providing a straightforward financial roadmap.

Calculate Your Monthly Mortgage Payment

Calculating your monthly mortgage payment involves several factors, including the home's sale price and your down payment. Explore how to effectively use Maine's mortgage calculator to navigate these variables.

1
Home Price
The home price directly influences your monthly mortgage payment in Maine. A lower home price in Washington County, at a median of $178,640, means lower monthly payments than in Cumberland County, where the median is $567,480, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. Maine's median down payment was $65,000.00, according to ATTOM data from September 2024.
3
Annual Percentage Rate
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in Maine change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN MAINE

Using the mortgage calculator in Maine, you can see that the monthly payment for a 30-year fixed-rate mortgage in Maine is $1,376. This amount reflects a 20% down payment on a $275,000 house and does not include additional costs like HOA fees or property taxes.

By choosing a 15-year repayment term, the monthly mortgage payment in Maine increases to $1,845. This adjustment to your home loan affects short-term expenses but results in long-term savings, cutting down the total interest paid by $163,369.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, with mortgage payments consuming a large portion of your monthly income. Understanding how affordable your mortgage is can greatly impact your financial well-being. MoneyGeek's mortgage calculator for affordability offers a straightforward way to assess this by entering your monthly income and debts, such as car loans and student loans.

The calculator also reveals your debt-to-income ratio, a crucial metric for borrowers. This ratio shows how much of your income goes toward debt payments, which is important when planning to secure a mortgage. According to Experian, the average debt in Maine is $87,920, translating to an average monthly debt of $7,327, emphasizing the importance of knowing your financial standing.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments. Key terms are:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in Maine. You can also see when your monthly payments begin to go more toward your principal vs. your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in Maine

Aside from the loan amount and interest rate, homebuyers need to consider other standard mortgage fees that could impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Maine costs $1,267 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Maine's effective property tax rate is 1.24%, ranking 16th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in Maine?

The average APR for a 30-year fixed loan in Maine is 6.4%. For a 15-year fixed loan, it's 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed-rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's mortgage calculator in Maine allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in Maine. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes toward the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

Your Expenses

Upfront Insurance Costs

-

Mortgage Loan
Monthly Payment

-

Monthly Mortgage
Insurance Cost (PMI)

-

WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in Maine priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014. You need 20% equity to cancel PMI, equivalent to $70,000.

Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of year 10.

How to Lower Your Monthly Mortgage Payment in Maine

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in Maine at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage payment. In Maine, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 6.7% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.6%. This change in APR makes your monthly mortgage payments go from $1,420 to $1,553.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Maine, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.7% and your monthly mortgage at $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Maine has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in Maine that may help with your mortgage costs. Institutions like MaineHousing and hoMEworks offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in Maine

Using a mortgage calculator can raise questions for potential borrowers, especially when considering Maine's specific housing market. We've addressed commonly asked questions to help you understand your mortgage options better.

How much mortgage can I afford in Maine?

To determine how much mortgage you can afford in Maine, consider your debt-to-income ratio (DTI). Lenders typically prefer a DTI ratio below 36%.

What is the average mortgage debt in Maine?

According to Experian, the average mortgage debt in Maine in 2023 was $167,295.

How much down payment do I need to purchase a house in Maine?

The ideal down payment is 20%, but requirements vary. Conventional loans usually require 3% to 20%, FHA loans require 3.5% and VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in Maine?

If your down payment is less than 20%, you may need private mortgage insurance (PMI). In Maine, PMI costs approximately $115 for a 15-year loan and $117 for a 30-year loan.

What's the effective tax rate in Maine?

Maine's 2023 effective property tax rate was 1.24%, ranking 16th nationally.

What is the median home price in Maine?

The median home price in Maine varies by county. Washington County has the lowest median home price at $178,640, while Cumberland County has the highest at $567,480.

mortgage

Maximizing the Power of Mortgage Payment Calculators