Getting an accurate estimate on a mortgage payment in Maine can be difficult. Sites like Zillow show you best case scenarios by assuming you have perfect credit and are putting 20% down (and therefore don’t quote you Mortgage Insurance). Other mortgage payment calculators don’t go into depth or enough detail to be accurate, so with that in mind we’ve provided you with some industry-insight into what it takes to accurately calculate a payment.
Specifically, since Maine is one of the states we lend in the most, we wanted to create a Mortgage Payment Calculator for our Maine clients. With our fellow Mainers in mind, we've also written a specific article for First-Time Home Buyers and FHA Loans in Maine.
Mortgage Program Overviews:
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Mortgage payments vary state-by-state, but for the most part they’re similar. The primary difference is in property taxes and in the state of Maine, county property taxes on homes are high compared to the national average.
Follow our tips below and you’ll be able to accurately calculate how much a mortgage payment will be. This is a great first step and tool to get an initial idea of what your price range should be when buying a house in Maine.
DID YOU KNOW? A mortgage payment in Maine is typically comprised of 4 components: the loan payment (P&I or principal and interest), Property Taxes, Homeowner’s Insurance (HOI) and Mortgage Insurance (PMI).
Our calculator will help you estimate all four aspects. Before using the mortgage calculator below, here are a few notes and directions:
For Property Tax estimates in your specific county, see the list below the calculator. We’ve taken the time to estimate the property tax percentages for each county throughout Maine.
PMI for the conventional mortgage are estimates only and should be used for calculating initial payments. Always call one of our loan advisors for more precise estimates.
While using a payment calculator to estimate your mortgage is a great first step, once you’re ready to see if you qualify then apply online or give one of our trusted experts a call to help guide you through the process.
Find the county you’re looking to buy in below and use the percentage in the payment calculator above.
Note: in the state of Maine, they do offer qualified homeowners a discount on property taxes through their Homestead Exemption. Once you’ve lived in your home for 12 months you become eligible and should apply for the exemption through your county.
Androscoggin – 1.545%
Aroostook – 1.368%
Cumberland – 1.367%
Franklin – 1.117%
Hancock – .916%
Kennebec – 1.219%
Knox – 1.249%
Lincoln - .930%
Oxford – 1.205%
Penobscot – 1.290%
Piscataquis – 1.235%
Sagadahoc – 1.339%
Somerset – 1.279%
Waldo – 1.151%
Washington – 1.249%
York – 1.200%
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.