With a 7.15% top income tax rate and 1.24% property tax, Maine homeowners face a significant combined tax burden. This calculator is pre-filled with Maine numbers: $360,000 median price, 1.24% property tax, $1,200/year insurance.
Last updated: March 13, 2026
Advertisement
Monthly Payment (Maine)$0
Loan Details — Maine
Maine median: $360,000
$
Below 20% triggers PMI on conventional loans
%
Average 30-year fixed ~6.75% (March 2026)
%
Maine average: 1.24%
%
Maine average: $1,200/yr
$
Estimated Monthly Payment
$0
Principal & Interest
$0
Property Tax
$0
Insurance
$0
PMI
$0
Total Interest Paid
$0
Total Cost of Home
$0
Maine Metro Area Home Prices
Click a metro to load its median price into the calculator above.
Yearly Amortization Schedule+
Year
Principal Paid
Interest Paid
Remaining Balance
Advertisement
Maine's Tax Landscape and Your Mortgage
Maine uses a progressive income tax with a top rate of 7.15%. A household earning $150,000 pays an estimated $6,971-$9,116 in state income tax, depending on filing status and deductions. That's $670/month less available for housing costs.
At the state's median home price of $360,000, the $1.24% property tax rate adds $372/month to your mortgage payment. That's $4,464/year — near the national median of ~1.1%.
Property Taxes Across Maine
The 1.24% statewide average masks significant variation. Property taxes are above average — especially in coastal and resort areas
Price ranges across the state: Portland has a median of $475,000, while Bangor sits at $250,000 — a $225,000 gap that dramatically changes your monthly payment. At $1.24% property tax, that price difference alone means $233/month more in property tax in Portland.
Advertisement
Homebuyer Programs and Exemptions
Maine offers several programs for homebuyers:
MaineHousing First Home Loan with competitive rates
Advantage down payment/closing cost assistance up to $5,000
Homestead exemption: $25,000 homestead exemption for owner-occupied primary residences
Maine-Specific Considerations
Property taxes are above average — especially in coastal and resort areas
Remote worker attraction programs (since pandemic) have driven prices in formerly affordable areas
High income tax rates for a New England state
Heating costs are significant in winter (oil heat common)
Property tax rates vary dramatically by town — coastal resort areas (Bar Harbor, Camden) significantly higher than inland communities
Compare Maine Mortgage Rates
See personalized rates from Maine lenders. LendingTree matches you with up to 5 offers so you can compare and save.
0.39% property tax, 5% top rate. Median home: $232,500.
Alaska Mortgage Calculator
Coming Soon
1.04% property tax, no income tax. Median home: $340,000.
Arizona Mortgage Calculator
Coming Soon
0.62% property tax, 2.5% top rate. Median home: $395,000.
Frequently Asked Questions
What is the average property tax rate in Maine?
The average effective property tax rate in Maine is 1.24%. On a $360,000 home (the state median), that works out to approximately $4,464/year or $372/month added to your mortgage payment. Property tax rates vary by county and school district within Maine — always check your specific jurisdiction's rate. Homestead exemption: $25,000 homestead exemption for owner-occupied primary residences
How much does homeowners insurance cost in Maine?
The average annual homeowners insurance premium in Maine is approximately $1,200 ($100/month). This is near the national average of approximately $1,500/year. Actual premiums depend on your home's location, age, construction type, and coverage limits.
What first-time homebuyer programs are available in Maine?
MaineHousing First Home Loan with competitive rates. Advantage down payment/closing cost assistance up to $5,000. These programs typically have income limits, purchase price caps, and may require homebuyer education courses. Check the Maine housing finance agency website for current eligibility requirements and application deadlines.
How does Maine's 7.15% income tax affect home affordability?
Maine's top income tax rate of 7.15% reduces your take-home pay, which affects how much mortgage you can comfortably carry. On a $150,000 salary, state income tax takes roughly $6,971-$9,116/year (effective rate is lower than the top marginal rate). Combined with 1.24% property tax, the total tax burden in Maine is above average. Use our paycheck calculator to see your exact take-home pay.
What is the conforming loan limit in Maine?
The 2026 conforming loan limit in Maine is $806,500. Loans above this amount are considered jumbo loans and typically carry higher interest rates (0.25-0.5% premium), require larger down payments (10-20%), and have stricter qualification requirements including higher credit scores (700+) and lower debt-to-income ratios.
This calculator is for educational purposes. Tax rates and insurance costs are based on Maine state averages and may not reflect your specific county, school district, or municipality. Consult a financial professional for advice specific to your situation.