Monthly Payment on a $300K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$300K 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% | $2,218 | $2,124 | $1,796 |
| 6.0% | $2,308 | $2,210 | $1,872 |
| 6.5% | $2,401 | $2,297 | $1,950 |
| 7.0% | $2,496 | $2,387 | $2,030 |
| 7.5% | $2,592 | $2,479 | $2,111 |
| 8.0% | $2,691 | $2,572 | $2,194 |
How This Compares to Maine's Median
A $300K home is 14% below Maine's median of $350K. You'll find homes at this price in cities like Sanford, Auburn, Lewiston, Bangor, Waterville, Presque Isle.
Income Needed for a $300K Home in Maine
To afford this payment of $2,297/mo in Maine, you'd need a household income of approximately $98K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in Maine
Estimated closing costs in Maine: $5K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $1,320 to your transaction costs.
What to Know About a $300K Mortgage in Maine
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Maine's 1.3% property tax ($325/mo) and $1,300/yr insurance ($108/mo) brings your total to $2,297/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.