Mortgage Calculator – Maine
Maine offers a mix of affordable rural housing and higher-priced coastal markets, with property taxes and heating costs playing a major role in mortgage affordability.
This Maine mortgage calculator helps you estimate monthly payments by including loan terms, interest rates, property taxes, and insurance costs.
Mortgage Calculator – Maine
Why Mortgage Costs in Maine Vary by Location
Maine’s housing market varies widely between inland rural areas and coastal communities, where prices and insurance costs are often higher.
Property taxes are above the national average and can significantly affect monthly mortgage payments.
Cold winters also contribute to higher insurance and maintenance costs for homeowners.
Maine Mortgage Examples
Example 1: A $275,000 home with 20% down at 6.7% over 30 years may result in a monthly payment around $1,500 including taxes and insurance.
Example 2: Coastal homes may carry higher insurance premiums due to storm exposure.
Example 3: Inland rural properties generally offer lower purchase prices and stable long-term costs.
15-Year vs 30-Year Mortgage in Maine
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | Faster payoff | Budget flexibility |
Frequently Asked Questions – Maine Mortgage
Are property taxes high in Maine?
Yes. Maine has higher-than-average property tax rates.
Does this Maine mortgage calculator include insurance?
Yes. You can include estimated annual insurance costs.
Is coastal insurance expensive in Maine?
Coastal properties often have higher insurance premiums.
Do Maine buyers need PMI?
PMI may apply if your down payment is below 20%.
Are mortgage rates higher in Maine?
Rates generally align with national averages.
Does this calculator include heating costs?
No. Heating and utility costs should be budgeted separately.
Is refinancing common in Maine?
Yes. Homeowners refinance to lower interest or adjust loan terms.
Do winter conditions affect insurance?
Yes. Harsh winters can increase insurance and maintenance costs.
Related Mortgage Tools
Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.