Republican mayoral candidate Paul Massey out-raised Mayor de Blasio by more than 2-to-1 over the last two months — hauling in over $860,000 to Hizzoner’s $394,000, the campaigns announced Wednesday.

But Massey also continued his spendthrift ways, shelling out $918,000 since Jan. 12 — more than he took in from donations over that period and three times de Blaze’s spend of $290,000.

If not for more than $1.5 million in loans Massey has made to his own campaign, his 2017 committee would be running a negative balance, according to draft filings supplied to The Post.

The campaign did not submit its more detailed, official filings to the Campaign Finance Board in time for it to be posted online Wednesday, but a rep said the balance was at roughly $1.3 million.

Earlier in the day, his campaign had touted the latest haul as a record for a March filing period, which covers Jan. 12 through March 11.

“I will do whatever it takes to win this election, to ensure our children, seniors and most vulnerable are given more importance than the special interests, and most important, bring back integrity to City Hall,” Massey said in a statement.

Filings submitted by de Blasio’s re-election committee showed him with $2.3 million in his campaign coffers — but he’s expected to reap significant matching public funds at a rate of 6-to-1 for every contribution of $175 or less from a city resident.

Those records also showed that de Blasio collected 60 percent of his most recent donations outside of New York City — including on a three-day jaunt to Chicago, Florida and California in early March.

De Blasio’s campaign emphasized that he’s been focusing on small-dollar donations, but that strategy started amid state and federal probes of pay-to-play allegations connected to the mayor’s prior fundraising efforts.

“Our campaign continues to focus on harnessing the grassroots energy behind the mayor’s campaign,” said Elana Leopold, finance director for de Blasio’s re-election committee.

Richard Flanagan, a political science professor at the College of Staten Island, said the latest figures put Hizzoner in “good — but not great” shape so far.

“It would seem that the mayor would have more wells to tap so I would be surprised if Massey could keep it up, whereas the mayor could always turn the jets on,” he said. “I’d say Massey would need to spend twice as much as de Blasio to be competitive, so good luck with that.”