Maine Mortgage Calculator
Calculate your Maine mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Portland, Bangor, Lewiston, Auburn, Augusta, and all of Maine.
Useful for home buyers in Portland, Bangor, Lewiston, Auburn, Augusta, and all of Maine.
Why use a Maine Mortgage Calculator?
Maine has property tax rates that vary significantly by location, especially between coastal and inland areas. This calculator estimates your payment, PMI, property tax, and closing costs.
Maine has property tax rates that vary significantly by location, especially between coastal and inland areas. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
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Maine Property Tax: The average effective property tax rate is about 1.30%, which is slightly above the national average. Maine offers homestead exemptions to reduce property tax burden. Closing costs in ME are typically 2-3% of the purchase price.
Average Home Prices in Major Maine Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Portland | $475,000 | $410,000 | $360,000 | $320,000 |
| Bangor | $230,000 | $195,000 | $175,000 | $160,000 |
| Lewiston | $220,000 | $190,000 | $170,000 | $155,000 |
| Augusta | $215,000 | $185,000 | $165,000 | $150,000 |
| Bar Harbor | $600,000 | $520,000 | $450,000 | $400,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features. Coastal areas generally have higher prices than inland areas.
How Mortgage Rules Work in Maine
- Property Tax: Maine's average effective property tax rate is about 1.30%, which is slightly above the national average. Property tax rates can vary significantly between municipalities.
- Homestead Exemption: Maine offers a homestead exemption that reduces the assessed value of your primary residence by $25,000. For residents age 65 or older, the exemption is $35,000.
- Transfer Tax: Maine has a real estate transfer tax of $2.20 per $500 of property value (0.44%), typically split evenly between buyer and seller.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Maine's closing costs include title insurance, recording fees, and other expenses, typically ranging from 2-3% of the purchase price.
Example: On a $350,000 home with 20% down in Portland, you avoid PMI and benefit from Maine's homestead exemption for property taxes. Closing costs are typically 2-3% of the purchase price.
Frequently Asked Questions
Maine's homestead exemption reduces the assessed value of your primary residence by $25,000 for property tax purposes. For homeowners age 65 or older, the exemption is $35,000. To qualify, you must own and occupy the property as your permanent residence as of April 1 of the tax year. You need to file an application with your local assessor's office once; the exemption will automatically be applied in subsequent years as long as you continue to qualify.
Property tax rates in Maine vary significantly from one municipality to another because each locality sets its own mill rate (tax rate). Coastal and tourist areas often have higher property values but may have lower mill rates due to a broader tax base, while inland rural areas might have lower property values but higher mill rates to fund local services. When comparing locations, be sure to research both the property values and the local mill rates.
Closing costs in Maine are typically 2-3% of the purchase price and include title insurance, recording fees, loan origination fees, appraisal fees, and other expenses. Maine also has a real estate transfer tax of $2.20 per $500 of property value (0.44%), which is typically split evenly between buyer and seller, adding about 0.22% to the buyer's closing costs.