How Mortgage Payments Work in Maine
A standard mortgage payment in Maine is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $360K home in Maine with a 10% down payment at 6.88% over 30 years, your principal and interest payment comes to approximately $2,130/month— not including property taxes or homeowner's insurance.
Maine's property tax rate of 1.36% adds roughly $408/month to your total housing cost on a $360K home. This rate is near the national average of ~1.1%.
Maine vs. National Average
| Metric | Maine | National Avg |
|---|---|---|
| Median Home Price | $360,000 | $420,000 |
| Property Tax Rate | 1.36% | 1.07% |
| Avg Mortgage Rate | 6.88% | 6.85% |
| Cost of Living Index | 108 | 100 |