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House hunting can be stressful, but online tools can make the process go much more smoothly. All you have to do is input a few numbers — your home price, down payment, loan term, interest rate, and property tax rate —- and this Maine mortgage calculator can tell you what your monthly payment and total interest cost would be for that home loan. Whether you’re a first-time homebuyer or a seasoned homeowner, this free online tool can provide valuable insights to guide your financial decisions. Let’s take a closer look at how it works and how it can help you.
Key Points
• The Maine mortgage calculator can show you what your monthly payment and total interest costs would be for different loan amounts, rates, and terms.
• You can explore down payment assistance programs in Maine to reduce your upfront home-buying expenses.
• Making a down payment of 20% or more can help you avoid paying private mortgage insurance (PMI) and lower your monthly payments.
• A longer loan term will result in lower monthly payments, but you’ll pay more in interest over the life of the loan, while a shorter term means higher payments but lower interest costs overall.
• In addition to principal and interest, your mortgage payment may cover installments on your property tax and homeowners insurance. It could also include private mortgage insurance (PMI) and homeowners association fees, if relevant.
Maine Mortgage Calculator
Calculator Definitions
• Home price: This is the purchase price that you and the home seller agree upon. This figure is likely to differ from the listing price and from the first offer you made.
• Down payment: This is the amount that you’ll pay upfront for your house. It’s generally expressed as a percentage of your total purchase price, and most buyers put down between 3% and 20%. You may be able to find down payment assistance programs that can help you pay for this expense.
• Loan term: This is the length of time you have in which to repay your home loan, usually 15 or 30 years. A shorter term can reduce the amount of total interest you’ll pay but will increase the amount of your monthly payments.
• Interest rate: This is the cost of borrowing money, expressed as a percentage of your loan amount. A lower interest rate can significantly reduce the size of your monthly payments and the total interest that you’ll have to pay over the life of the loan.
• Annual property tax: Property tax is levied by local governments on land and buildings, and it’s usually expressed as a percentage of the property’s assessed value. To figure out your property tax rate, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”
• Monthly payment: This is a major feature of your mortgage. It’s what you will pay toward the principal and interest each month. It may also include property tax if you’ve entered your rate.
• Total interest paid: This is the accumulated amount of interest that you will have to pay over the life of the loan. This figure is influenced by your interest rate, loan term, and principal amount.
• Total loan cost: The total loan cost is the full amount that you will need to pay back on the loan, including principal and interest. The exact amount will be influenced by factors like your loan principal, interest rate, and loan term.
How to Use the Maine Mortgage Calculator
This free online calculator is quick and easy to use. These step-by-step instructions can guide you through the process.
Step 1: Enter Your Home Price
Enter the price that you and the seller have agreed on as the purchase price for the property.
Step 2: Select a Down Payment Amount
Choose the percentage of the home price you want to pay upfront. A larger down payment can reduce your monthly payments and lower how much total interest you’ll pay. A down payment calculator can help you decide what amount will work for you.
Step 3: Choose a Loan Term
Select the period of time over which you’ll repay your mortgage, which is typically 15 or 30 years. A longer term means lower monthly payments but higher total interest costs.
Step 4: Enter an interest rate
Input your desired interest rate to the second or third decimal point. A lower rate can reduce monthly payments and total interest paid. Bear in mind that if you are purchasing a very expensive property, it can be a good idea to look at rates available specifically for a jumbo loan.
Step 5: Add your annual property tax
Enter the percentage of your home’s value that you will pay each year to the local government. If your rate is 0.94%, for instance, you’ll enter 0.94. Including your tax rate helps you get a more comprehensive view of your mortgage costs.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator can help you estimate the affordability of different home loan options by calculating monthly payments and total loan costs based on the numbers you enter for your home price, down payment, interest rate, loan term, and property tax rate. The tool can also be useful when it comes to loan comparisons, allowing you to quickly assess the impact of different interest rates or terms as you search for the option that will work best for you. Whether you’re buying your first home or contemplating a refinance, the Maine mortgage calculator is an essential tool.
The Maine mortgage calculator is designed for fixed-rate mortgages. If you choose a type of mortgage loan with a variable interest rate, it’s still possible to estimate your costs with this tool, but your results will be less precise due to the variable rate’s unpredictability.
As of late 2025, the median sale price of a home in Maine is $417,000. If you buy a house at this price with a 20% down payment and a 30-year term at a 7.00% interest rate, you can expect to pay about $2,219 per month toward principal and interest.
Lenders often use the 28/36 rule for affordability as a guideline. This means that they want to see that a borrower will pay no more than 28% of their gross monthly income on their mortgage payment (and no more than 36% on all debt). In this case, that would require an annual income of about $95,000. It would also mean that, per the rule, you’d have about $634 per month to spend on other debt obligations, like car loans and student loans.
Another way you can estimate how much you can afford to pay for a home is to use a home affordability calculator. And going through the mortgage preapproval process with one or more potential lenders can also give you an idea of how large a loan you’ll be able to afford.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Components of a Mortgage Payment
When you send in your monthly mortgage payment, your money actually pays for several different costs. The primary ones are the loan principal (the money you borrowed) and the interest on your loan. In addition, your payment may also cover installments on your property tax and homeowners insurance. If your down payment was less than 20%, private mortgage insurance (PMI) may also be included, and if you belong to a homeowners association (HOA), those fees might be part of your mortgage payment as well.
The type of mortgage loan you choose may also influence what exactly your mortgage payment covers, and specialized calculators may be helpful here. If you’re thinking about applying for an FHA loan — one that’s guaranteed by the Federal Housing Administration (FHA) — you may want to use an FHA mortgage calculator, which allows for that kind of loan’s mortgage insurance premiums. Similarly, a VA mortgage calculator can incorporate relevant fees when you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Cost of Living in Maine
Overall, the cost of living in Maine is 13.0% above the national average, which means that it’s not the cheapest state — but it’s far from the most expensive one, either. As you’re deciding where exactly you’d like to reside in the state, it’s worth remembering that different areas can be more or less expensive to live in. The Council for Community and Economic Research’s Cost of Living Index (COLI) ranks the cost of living in major metropolitan areas in the U.S., according to a scale on which the national average is 100. Portland, as Maine’s largest city, is rated at 112.2, but more rural areas farther north may be less expensive.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
If you’re in a housing market that’s a little pricey for your taste and you’d like to whittle down your mortgage payments as much as possible, there are steps you can take.
• Explore down payment assistance programs. A larger down payment can mean lower monthly payments and help you avoid paying mortgage insurance. While many of these programs are specific to first-time homebuyers, that category often includes prior homeowners who haven’t owned a primary residence in the last three years.
• Drop private mortgage insurance payments. Once you have 20% home equity, you can request that your lender cancel your PMI.
• Recast your loan with a lump sum payment. If you receive a windfall and put it toward your loan principal, you can ask your lender to reamortize your loan, which can reduce your payment amount without changing your interest rate and loan term.
• Appeal high property taxes. If you believe your home was overvalued, you can take your case to your tax authority for redress.
• Cut homeowners insurance costs. You can raise your deductible, bundle policies to get a discount, or shop around for a cheaper policy.
• Consider a mortgage refinance. If you have a home loan already and rates drop or your credit improves, you might be able to get a more favorable interest rate.
If you’re buying your first home in Maine, it’s a good idea to look into some of the available low-interest mortgage and down payment assistance programs. Maine Housing’s programs, for instance, can provide low- or no-down payment loans and financial help for your down payment and closing costs, making it easier to enter the housing market.
Keep in mind that while programs like these are often meant for people making their initial foray into the housing market, many others can qualify as first-time homebuyers, too — including repeat buyers who haven’t owned a primary residence within the past three years.
The Takeaway
A Maine mortgage calculator helps you estimate home loan costs like monthly payments and total interest. By entering the home price, down payment, loan term, interest rate, and local property tax rate, you can evaluate how affordable a mortgage will be for you. The calculator shows how different down payments and loan terms affect mortgage costs, helping you make informed decisions. Whether you’re buying your first home or your fifth, the Maine mortgage calculator can guide you through many of the financial complexities of the homebuying process.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
A mortgage payment is the amount you pay your mortgage servicer each month. Typically, it includes money toward your loan principal and interest, and it may include property taxes and homeowners insurance as well. If they’re relevant, it can sometimes cover private mortgage insurance (PMI) and/or homeowners association (HOA) fees as well.
How does my credit score affect my mortgage loan interest rate?
Your credit score has a significant influence on the mortgage interest rate you’re likely to be offered by lenders. Higher scores lead to more competitive interest rates, while lower scores may result in higher rates.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow for your mortgage, and interest is the amount you pay for being able to borrow it.
How much should I put down on a mortgage?
Paying 20% or more of the home value with your down payment can eliminate the need for private mortgage insurance (PMI) and lower the amount of your monthly payments. However, for a conventional loan, you may be able to put as little as 3% down.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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