Monthly Payment on a $150K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$150K Mortgage in Maine: Rate Comparison
Monthly PITI payment using Maine's 1.3% property tax and $1,300/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,163 | $1,116 | $952 |
| 6.0% | $1,208 | $1,159 | $990 |
| 6.5% | $1,255 | $1,203 | $1,029 |
| 7.0% | $1,302 | $1,248 | $1,069 |
| 7.5% | $1,350 | $1,294 | $1,110 |
| 8.0% | $1,400 | $1,340 | $1,151 |
How This Compares to Maine's Median
A $150K home is 57% below Maine's median of $350K. This is well within reach in many Maine communities.
Income Needed for a $150K Home in Maine
To afford this payment of $1,203/mo in Maine, you'd need a household income of approximately $52K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in Maine
Estimated closing costs in Maine: $2K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $660 to your transaction costs.
What to Know About a $150K Mortgage in Maine
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Maine's 1.3% property tax ($163/mo) and $1,300/yr insurance ($108/mo) brings your total to $1,203/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.