Monthly Payment on a $700K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$700K 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% | $5,030 | $4,811 | $4,046 |
| 6.0% | $5,242 | $5,011 | $4,224 |
| 6.5% | $5,458 | $5,216 | $4,406 |
| 7.0% | $5,679 | $5,426 | $4,592 |
| 7.5% | $5,904 | $5,639 | $4,782 |
| 8.0% | $6,134 | $5,857 | $4,976 |
How This Compares to Maine's Median
A $700K home is 100% above Maine's median of $350K. This puts you in the upper range of the Maine market, targeting more desirable neighborhoods or larger properties.
Income Needed for a $700K Home in Maine
To afford this payment of $5,216/mo in Maine, you'd need a household income of approximately $224K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $200K salary can afford →Closing Costs in Maine
Estimated closing costs in Maine: $11K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $3,080 to your transaction costs.
What to Know About a $700K Mortgage in Maine
With 10% down ($70,000), your loan of $630,000 at 6.5% over 30 years produces a principal and interest payment of $3,982/mo. Adding Maine's 1.3% property tax ($758/mo) and $1,300/yr insurance ($108/mo) brings your total to $5,216/mo. Because you're putting less than 20% down, PMI adds $368/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $803,530 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $75,376 over the life of the loan.