Monthly Payment on a $350K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$350K 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% | $2,569 | $2,460 | $2,077 |
| 6.0% | $2,675 | $2,560 | $2,166 |
| 6.5% | $2,783 | $2,662 | $2,257 |
| 7.0% | $2,894 | $2,767 | $2,350 |
| 7.5% | $3,006 | $2,874 | $2,445 |
| 8.0% | $3,121 | $2,983 | $2,542 |
How This Compares to Maine's Median
A $350K home is close to Maine's median of $350K — this represents a typical purchase in the state. Cities at this price range include Rockland, Ellsworth, Sanford, Auburn.
Income Needed for a $350K Home in Maine
To afford this payment of $2,662/mo in Maine, you'd need a household income of approximately $114K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K 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 $1,540 to your transaction costs.
What to Know About a $350K Mortgage in Maine
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Maine's 1.3% property tax ($379/mo) and $1,300/yr insurance ($108/mo) brings your total to $2,662/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.