Monthly Payment on a $750K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$750K 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% | $5,382 | $5,147 | $4,328 |
| 6.0% | $5,608 | $5,362 | $4,518 |
| 6.5% | $5,840 | $5,581 | $4,713 |
| 7.0% | $6,077 | $5,805 | $4,913 |
| 7.5% | $6,318 | $6,034 | $5,116 |
| 8.0% | $6,565 | $6,267 | $5,323 |
How This Compares to Maine's Median
A $750K home is 114% 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 $750K Home in Maine
To afford this payment of $5,581/mo in Maine, you'd need a household income of approximately $239K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $250K 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 $3,300 to your transaction costs.
What to Know About a $750K Mortgage in Maine
With 10% down ($75,000), your loan of $675,000 at 6.5% over 30 years produces a principal and interest payment of $4,266/mo. Adding Maine's 1.3% property tax ($813/mo) and $1,300/yr insurance ($108/mo) brings your total to $5,581/mo. Because you're putting less than 20% down, PMI adds $394/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $860,925 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $80,760 over the life of the loan.