Monthly Payment on a $200K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$200K 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% | $1,515 | $1,452 | $1,233 |
| 6.0% | $1,575 | $1,509 | $1,284 |
| 6.5% | $1,637 | $1,568 | $1,336 |
| 7.0% | $1,700 | $1,628 | $1,389 |
| 7.5% | $1,764 | $1,689 | $1,444 |
| 8.0% | $1,830 | $1,751 | $1,499 |
How This Compares to Maine's Median
A $200K home is 43% below Maine's median of $350K. You'll find homes at this price in cities like Presque Isle.
Income Needed for a $200K Home in Maine
To afford this payment of $1,568/mo in Maine, you'd need a household income of approximately $67K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Maine
Estimated closing costs in Maine: $3K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $880 to your transaction costs.
What to Know About a $200K Mortgage in Maine
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Maine's 1.3% property tax ($217/mo) and $1,300/yr insurance ($108/mo) brings your total to $1,568/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.