Estimate your Maine mortgage payment
Adjust the numbers below and the monthly breakdown updates instantly. The defaults show a $400,000 Maine home with 20% down at 6.50% for 30 years.
This estimate excludes PMI, HOA or condo dues, and closing costs. Your actual payment depends on your full application, the property, and the lender's final figures.
How property taxes work in Maine
Maine property taxes are local: your town assesses your home, applies any exemptions you qualify for, and multiplies the result by the town's mill rate. Three things matter most — the homestead exemption, the veteran's exemption, and your town's mill rate.
Homestead exemption — up to $25,000 off just value
If the home is your primary residence, Maine's homestead exemption reduces its just value (assessed value) by up to $25,000 before taxes are calculated. To qualify, you must:
- Be a permanent Maine resident;
- Use the home as your permanent residence;
- Have owned a home in Maine for at least 12 months before applying; and
- Apply with your municipal assessor by April 1. Filing after April 1 takes effect the following tax year.
The $25,000 figure is adjusted by your municipality's certified assessment ratio. In a town assessing at an 80% ratio, the actual reduction is $25,000 × 80% = $20,000 off the assessed value.
Veteran's exemption — up to $6,000
Maine veterans may qualify for an exemption of up to $6,000. In general, you must be either:
- Age 62 or older and have served during a recognized war period; or
- Receiving federal disability compensation.
Surviving spouses and dependents of qualifying veterans may also qualify. Like the homestead exemption, you apply through your municipal assessor, and the amount is tied to your town's assessment. Ask your assessor's office which documentation they need — and note these are the current 2026 figures.
Mill rates are set by your town — there is no statewide rate
A mill rate is the tax charged per $1,000 of assessed value. Each Maine municipality sets its own rate, and rates vary widely across the state — from the low teens to 20 or more. That is why the estimator above asks for the actual annual tax amount on the property you are considering rather than assuming a single Maine rate: the same home can carry a very different tax bill in two different towns.
Transfer tax at closing — $2.20 per $500, split evenly
Maine charges a real estate transfer tax of $2.20 for each $500 of the property's value, split equally between buyer and seller — $1.10 per $500 each. For transfers on or after November 1, 2025, an additional $3.80 per $500 applies to the portion of the value above $1,000,000. The worked example below shows both calculations step by step.
Planning note: Exemptions reduce the value your taxes are based on — they are not credits against the tax bill itself, and they do not change your loan amount. If you are estimating taxes on a specific Maine property, ask the listing agent or the town assessor for the current assessed value, the town's mill rate and certified ratio, and whether a homestead exemption is already on file.
Worked example: a $350,000 Maine home
Here is the same math the estimator runs, worked by hand on a $350,000 purchase with 10% down, a 6.50% rate on a 30-year term, $3,800 a year in property taxes, and $1,600 a year in insurance.
| Item | How it's figured | Monthly |
|---|---|---|
| Loan amount | $350,000 price − $35,000 down (10%) = $315,000 loan | — |
| Principal & interest | $315,000 at 6.50%, 30-year term | $1,991.01 |
| Property taxes | $3,800 per year ÷ 12 | $316.67 |
| Homeowner's insurance | $1,600 per year ÷ 12 | $133.33 |
| Estimated monthly payment | $2,441.01 | |
Transfer tax on the same purchase
$350,000 ÷ $500 = 700 units × $2.20 = $1,540 total, split equally — $770 from the buyer and $770 from the seller.
For a higher-value transfer, the over-$1,000,000 portion costs more. On a $1,250,000 transfer: the base tax is 2,500 × $2.20 = $5,500, plus the additional $3.80 per $500 on the $250,000 above $1 million (500 × $3.80 = $1,900), for a total of $7,400.
Buying in Maine's metro areas
Adam is licensed in Maine and works with buyers across the state, including its largest metro areas. Because mill rates and assessments are set locally, the tax line of your estimate can differ noticeably from one community to the next — even at the same home price.
Portland
Maine's largest city and metro area, on Casco Bay — condos, in-town homes, and suburbs across Cumberland County.
Bangor
The hub of eastern and northern Maine, on the Penobscot River, serving Penobscot County and beyond.
Augusta
The state capital on the Kennebec River, with communities throughout the Kennebec Valley.
Lewiston
One half of the Lewiston–Auburn metro on the Androscoggin River, with mill-era housing stock and growing suburbs.
Auburn
Across the river from Lewiston — together they form one of Maine's principal metro areas in Androscoggin County.
Maine mortgage questions
Straight answers to the questions Maine buyers ask most about payments, exemptions, and closing taxes.
How is a monthly mortgage payment in Maine calculated?
Add three pieces together: principal and interest on the loan, one-twelfth of the annual property tax bill, and one-twelfth of the annual homeowner's insurance premium. Principal and interest depends on the loan amount, interest rate, and term — a $320,000 loan at 6.50% for 30 years is $2,022.62 per month. Lenders typically collect the tax and insurance portions monthly into an escrow account and pay those bills when they come due.
How does Maine's homestead exemption lower my property taxes?
The homestead exemption takes up to $25,000 off your home's just value (assessed value) before the town's mill rate is applied, for a primary residence. You must be a permanent Maine resident, the home must be your permanent residence, you must have owned a home in Maine for at least 12 months before applying, and you apply with your municipal assessor by April 1 — filing after April 1 takes effect the following tax year. The $25,000 is adjusted by your municipality's certified assessment ratio, so at an 80% ratio the actual reduction in assessed value is $20,000.
What is Maine's real estate transfer tax, and who pays it?
Maine charges a real estate transfer tax of $2.20 for each $500 of the property's value, split equally between buyer and seller at $1.10 per $500 each. On a $350,000 home that is 700 × $2.20 = $1,540 total, or $770 per side. For transfers on or after November 1, 2025, an additional $3.80 per $500 applies to the portion of the value above $1,000,000 — on a $1,250,000 transfer, that adds $1,900 on the $250,000 above $1 million, for a total tax of $7,400.
Is there one property tax rate for all of Maine?
No. Property taxes in Maine are set town by town. Each municipality sets its own mill rate — the tax per $1,000 of assessed value — and rates vary widely, from the low teens to 20 or more depending on the town. Two identical homes in different Maine towns can carry very different tax bills, which is why this estimator asks for the actual annual tax figure for the property you are considering instead of assuming a statewide rate.
Does this Maine mortgage calculator include PMI, HOA dues, or closing costs?
No. This estimator covers principal and interest, property taxes, and homeowner's insurance only. If you put down less than 20%, private mortgage insurance (PMI) may apply on a conventional loan; HOA or condo dues, and one-time closing costs such as Maine's transfer tax, are separate. The result is an estimate for planning — not a quote, a pre-approval, or tax advice. For a full breakdown on a specific home, contact Adam DeCraene, NMLS #2811542.
Want the numbers run on a specific Maine home?
An estimate is a starting point. Adam DeCraene, Mortgage Loan Originator with West Capital Lending, Inc., can price your scenario across 175+ wholesale lender relationships and walk through the full payment — including the items this estimator leaves out.