Squam Lake is a lake located in the Lakes Region of central New Hampshire, United States, south of the White Mountains, straddling the borders of Grafton, Carroll, and Belknap counties. The largest town center on the lake is Holderness. The lake is located northwest of much larger Lake Winnipesaukee. It drains via a short natural channel into Little Squam Lake, and then through a dam at the head of the short Squam River into the Pemigewasset at Ashland. Covering 6,791 acres (27.48 km2), Squam is the second-largest lake located entirely in New Hampshire.