Mortgage Calculator — Maine
Pre-filled with Maine's average home price of $350000, property tax rate of 1.1%, and average insurance of $1300/year. Adjust any value below.
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Maine Housing Market
Maine experienced significant price appreciation during the pandemic as remote workers relocated from Boston and New York. Portland has become a popular destination, with prices now rivaling mid-tier coastal markets nationally.
Affordability in Maine
Portland, Maine's median now exceeds $400,000, a dramatic shift from pre-pandemic levels. Northern and western Maine markets remain very affordable but offer limited employment opportunities outside tourism and remote work.
Key Markets
First-Time Buyer Programs in Maine
First Home Loan
Fixed-rate mortgage for first-time buyers, with income and price limits.
Advantage
Cash assistance toward down payment and closing costs, paired with the First Home Loan.
Programs are run by the MaineHousing. Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Maine
The Homestead Exemption lowers the taxable value of a primary residence by $25,000. Coastal towns and Portland tend to have higher valuations but lower mill rates. At Maine's average effective rate of 1.1%, a $350,000 home pays roughly $3,850/year (about $321/month).
Maine Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Maine
Maine's real estate transfer tax is $2.20 per $500 (0.44%), split equally between buyer and seller. Buyers pay about 0.22% plus lender and title fees.
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