Mortgage on a $300K house in Maine
$1,994 a month with 20% down — $1,614 principal and interest plus $230 property tax and $150 insurance.
Maine's typical property tax is 0.92% of the home's value a year (U.S. average 0.9%), which adds $230 a month on a $300K home. The typical home in Maine is worth $412,002, so $300K is 27% below the typical price.
$300K home in Maine: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $60,000 | $240,000 | $1,614 | $0 | $380 | $1,994 | $85,500 |
| 10% down | $30,000 | $270,000 | $1,816 | $113 | $380 | $2,309 | $98,900 |
| 5% down | $15,000 | $285,000 | $1,917 | $119 | $380 | $2,416 | $103,500 |
| 3.5% down (FHA) | $10,500 | $294,566 | $1,982 | $133 | $380 | $2,494 | $106,900 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.92% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Maine does $300K buy a typical home?
In these counties the typical home value is within 15% of $300K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Franklin County | $290,988 | 1.04% | $2,025 |
| Kennebec County | $315,675 | 1.09% | $2,038 |
| Oxford County | $316,256 | 0.99% | $2,013 |
| Penobscot County | $277,437 | 1.16% | $2,054 |
| Androscoggin County | $328,518 | 1.16% | $2,055 |
| Waldo County | $344,137 | 1.04% | $2,025 |
6 of 16 Maine counties tracked by Zillow have a typical home value at or below $300K. See all Maine home prices.
Other prices in Maine
Frequently asked questions
What is the mortgage on a $300K house in Maine?
About $1,994 a month with 20% down at 7.11%: $1,614 principal and interest, $230 property tax and $150 insurance.
How much do I need to make to buy a $300K house in Maine?
About $85,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $300K house in Maine?
At Maine's typical effective rate of 0.92%, about $2,758 a year. Rates vary by county and city — see the county pages.