Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in Maine
Maine has transformed from a relatively quiet, rural housing market into a competitive one over the past several years. The pandemic-era influx of remote workers from Boston, New York, and other major metros drove prices up dramatically, and the state's average home price has risen to $330,000. Portland is now one of the most sought-after small cities in New England — its walkable neighborhoods, vibrant food scene, and access to outdoor recreation have made it a top relocation destination, with homes regularly attracting multiple offers.
Beyond Portland, the Maine Midcoast — including Camden, Rockland, and Rockport — has long been a summer destination and has seen its year-round residential market deepen. Bangor serves as the economic hub of central and northern Maine and remains more affordable than the southern coast. Augusta, the state capital, offers relatively low prices and stable government-sector employment.
Maine requires an attorney to be present at closings and for deed preparation, which adds to closing costs. The state also has a transfer tax split between buyer and seller. Buyers should apply for the Homestead Exemption through their town or city assessor after closing to secure the $25,000 reduction in taxable assessed value.
Key Housing Facts for Maine
Average home price: $330,000
Average effective property tax rate: 1.20%
Average homeowners insurance: $1,000/year
Homestead Exemption: $25,000 reduction in taxable value
Attorney closing state — legal fees required
Most competitive markets: Portland, South Portland, Scarborough, Falmouth
Frequently Asked Questions
Maine's average effective property tax rate is approximately 1.20%, above the national average. On a $330,000 home, you'd pay roughly $3,960 per year in property taxes. Maine's Homestead Exemption reduces the taxable value of a primary residence by $25,000, providing meaningful savings for owner-occupants who apply through their municipal assessor.
Maine State Housing Authority (MaineHousing) offers the First Home Loan program with below-market interest rates and the Advantage Down Payment and Closing Cost Assistance program providing up to $5,000 in assistance. The Salute ME program offers lower rates for veterans. MaineHousing also has programs targeting rural areas and manufactured housing.
Maine experienced a dramatic housing market surge during the pandemic, driven by remote workers relocating from Boston and New York. Home prices jumped 30–50% in many communities between 2020 and 2022. Portland has become particularly competitive, and even traditionally rural areas like the Midcoast and Western Lakes region saw unprecedented demand. While the market has moderated, prices remain significantly higher than pre-pandemic levels.
Closing costs in Maine typically range from 2–3% of the loan amount. On a $330,000 home, expect approximately $6,600–$9,900 in closing costs. Maine requires an attorney to conduct the closing and prepare deed documents. The state charges a transfer tax of $2.20 per $500 of value (split equally between buyer and seller).