Maine Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
Advertising & Editorial Disclosure
Homeowners in Maine pay around $63 less per month than the national average when it comes to mortgage payments. When estimating mortgage prices in Maine, you need to consider many factors. These can include state property tax rate, your personal finances and other criteria that can influence your mortgage payment amount.
In Maine, the property tax rate is 1.36% and the average annual property tax that residents pay here is $2,953. You can learn more about property taxes applicable in Maine by visiting the Maine Revenue Department site.
By using our Maine Mortgage calculator, you can get personalized estimates for your home mortgage. You can alter the home price, interest rates and length of the loan to see how the mortgage payments change. This way, you can find out how to get lower mortgage payments.
Moreover, you can also compare different lenders’ offerings while checking how the state’s property tax rate and other charges change the mortgage payments.
Start Here: Plug In Your Mortgage Factors
The Maine state mortgage calculator offered by MoneyGeek can be useful in getting accurate mortgage estimates. We outline the 12 factors included in the calculator below.
Why and How to Use Our Mortgage Calculator
In Maine, the average price of a home is $237,800. Using our mortgage calculator for Maine, you can estimate the appropriate budget for your home and understand how much you could pay towards mortgage payments on a monthly basis. MoneyGeek’s mortgage calculator uses 12 homeownership factors to determine how much home loan you need. Plus, the calculator shows which factors have the greatest influence on your mortgage price.
You have to decide how much mortgage you can afford when buying a home in Maine. This will be based on the total amount of your mortgage, interest rates, type of mortgage and more. The following information is included in MoneyGeek’s Maine mortgage calculator.
Home Price:
In this box, you can enter the loan amount you want or the price of the home you want to buy.
Down Payment:
This is the amount that you can pay by yourself upfront when getting a mortgage. You can enter an amount or percentage of the price of the home.
Interest Rate:
You can check the mortgage rates that are updated daily on our site. Alternatively, you can enter the interest rate the lenders are offering to you.
Loan Terms:
This is the duration of the loan. Most home loans are taken for a period of 15 years to 30 years. However, you can keep the length as short as 10 years if you want.
Payments per Year:
Usually, there are 12 payments in a year, which makes it a monthly payment.
Property Tax:
The average annual property tax in Maine is $2,953. You need to add this in the ‘other fees’ box.
HOA Fees:
If your home has a homeowner’s association, then you will have to pay a fee either annually or monthly.
Principal & Interest:
The amount you borrow from the lender is the principal, and the interest is the amount you pay for borrowing the money from the lender.
Monthly Payment:
Your monthly payment is the sum total of the principal amount, interest, property taxes, home insurance cost and HOA fees (if any).
Principal Payment:
This is your payment towards the loan you receive from the mortgage lender.
Interest Payment:
This is the amount you owe in interest charges based on the principal amount.
Total Cost with Interest:
This is the total amount you have to pay the lender and includes the original amount loaned to you plus the interest charges.
Mortgages can be expensive. Luckily, there are ways to reduce the costs. You can save on your monthly mortgage payment by following some of the following strategies:
- Buy a less expensive house. If you choose a home whose value is lower, then your home loan amount will be less as well. This decreases your monthly mortgage payment.
- Choose a different location. In Maine, you will pay an average of $2,953 in property taxes. If you want to pay less, consider purchasing a home in a different state.
- Find a lower interest rate. Take the time to research various lenders to ensure you get the lowest mortgage rates possible.
- Extending your loan terms. Another way to reduce your monthly mortgage payment is to extend the length of the loan repayment term. However, the total amount paid for the loan will be higher in the long run.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
MoneyGeek has gathered all the crucial information and details about buying a home in Maine to make your home buying process easier.
- Shop & Compare Rates – When looking for a home mortgage, it is important to check and compare offers from different lenders. You can check out Maine mortgage rates to get the best rates.
- Not Ready to Buy? – If you aren’t sure if you should rent vs. buy, we can help you make that decision.
- Learn More – To learn more about different types of mortgages before applying for one, you can check our guides on FHA loans, VA home loans and reverse mortgages.
Frequently Asked Questions About Mortgages in Maine
The amount of mortgage you can afford in Maine depends on your finances. Generally, lenders check your debt-to-income ratio (DTI) to understand how much you can afford. The DTI ratio has to be 43% or less.
The average outstanding mortgage amount in Maine is $138,554.
You can reduce your interest rate on a home loan by making a larger down payment. Usually, lenders in Maine look for 5% or less of the home value as a down payment. You can also get down payment free home loans if you opt for government-backed VA or USDA programs.
You may need private mortgage insurance (PMI) if you put down less than 20% of the value of the home.
The average annual property tax in Maine is $2,953.
The average monthly mortgage payment in Maine is $1,096.
The median home price in Maine is $237,800.
sources
- Maine Revenue Services. "Property Tax." Accessed March 2, 2022.