Mortgage Calculator Maine 2026: Payment, PMI & Transfer Tax
This mortgage calculator for Maine estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — plus your half of the state real estate transfer tax. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Maine estimates the full monthly cost of a Maine home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. It also splits Maine’s real estate transfer tax of $2.20 per $500 of value, which buyer and seller share equally.
How the Mortgage Calculator Maine Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $300,000 Maine home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $270,000 loan, 6.5%, 360 payments | $1,706.58 |
| Property tax | 0.98% of $300,000 ($2,940/yr) | $245.00 |
| Homeowners insurance | $1,300/yr (example — use your quote) | $108.33 |
| PMI | 0.6% of $270,000 ($1,620/yr) | $135.00 |
| Total monthly payment | $2,194.92 | |
| Transfer tax, buyer’s half (one-time) | $300,000 ÷ 500 × $2.20 ÷ 2 | $660.00 |
Over 30 years this loan pays about $344,370 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Maine Property Tax Rate and Your Monthly Payment
Each Maine town sets its own mill rate, and towns assess at different ratios of market value, so bills vary a lot from place to place. The Tax Foundation puts Maine’s effective property tax rate at about 0.98% of owner-occupied home value. If Maine is your permanent home and you have owned a home here for 12 months, the homestead exemption takes $25,000 of value (adjusted by your town’s certified ratio) off your assessment; apply with your town by April 1. Use the rate from your town assessor for the best estimate.
| Local rate | Annual tax on $300,000 | Added to monthly payment |
|---|---|---|
| 0.73% | $2,190 | $182.50 |
| 0.98% (Tax Foundation statewide effective rate) | $2,940 | $245.00 |
| 1.47% | $4,410 | $367.50 |
Maine Closing Costs: Transfer Tax and Recording Fees
Maine has one statewide real estate transfer tax. Under 36 M.R.S. § 4641-A the rate is $2.20 for each $500 of value (or fraction of $500), imposed half on the grantor and half on the grantee — so buyer and seller each pay $1.10 per $500. For transfers on or after November 1, 2025, value above $1,000,000 carries an extra $3.80 per $500 (verified via search).
| Maine item | Amount | Usually paid by |
|---|---|---|
| Real estate transfer tax (36 M.R.S. § 4641-A) | $2.20 per $500 — $1,320 on $300,000 | Split: $660 buyer, $660 seller |
| Extra tax on value over $1,000,000 (from Nov. 1, 2025) | $3.80 per $500 of the excess | Split equally |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal, title and recording charges | Vary by lender, title company and county — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Maine Mortgage Rates Affect Your Payment
Rates in Maine follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $385,000 home with 20% down, an example 6.85% rate produces a monthly principal and interest payment of approximately $2,018. A 0.25% rate increase adds roughly $52 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk, which is why many buyers choose 30-year fixed loans for payment predictability. FHA loans (3.5% down) and VA loans (0% down for eligible veterans) are also options in Maine.
First-Time Buyer Programs in Maine
MaineHousing’s First Home Loan program offers low-rate loans and down payment assistance options for eligible first-time buyers. Check the agency’s website for current income limits, purchase price limits and rates.
FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — useful for first-time buyers in Maine who have limited savings. USDA loans offer 0% down for eligible rural properties in Maine. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $346,500 loan (10% down on $385,000) adds approximately $173/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Maine in 2026?
Maine mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in Maine?
For a $385,000 home with 20% down in Maine, the estimated PITI (principal, interest, taxes, and insurance) is approximately $2,441/month at an example 6.85% rate, assuming a 0.98% property tax rate and $1,300 a year for insurance.
Do I need PMI in Maine?
Yes — if your down payment is less than 20%, lenders in Maine require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the property tax rate in Maine?
The Tax Foundation puts Maine’s effective property tax rate at about 0.98% of owner-occupied home value - roughly $2,940 a year on a $300,000 home. Rates vary by county, city and school district, so use the rate on your own tax bill.
How much is the real estate transfer tax in Maine?
Maine charges $2.20 for each $500 of value under 36 M.R.S. 4641-A - $1,320 on a $300,000 home. The tax is split equally, so the buyer and the seller each pay $660. Since November 1, 2025, value above $1,000,000 carries an extra $3.80 per $500.
What is the monthly payment on a $300,000 house in Maine?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $1,707 a month. Adding 0.98% property tax ($245), $1,300 a year insurance ($108) and 0.6% PMI ($135) brings the total to about $2,195 a month.