Mortgage on a $350K house in Maine
$2,327 a month with 20% down — $1,884 principal and interest plus $268 property tax and $175 insurance.
Maine's typical property tax is 0.92% of the home's value a year (U.S. average 0.9%), which adds $268 a month on a $350K home. The typical home in Maine is worth $412,002, so $350K is 15% below the typical price.
$350K home in Maine: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $443 | $2,327 | $99,700 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $443 | $2,693 | $115,400 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $443 | $2,818 | $120,800 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $443 | $2,910 | $124,700 |
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 $350K buy a typical home?
In these counties the typical home value is within 15% of $350K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Waldo County | $344,137 | 1.04% | $2,362 |
| Androscoggin County | $328,518 | 1.16% | $2,398 |
| Oxford County | $316,256 | 0.99% | $2,349 |
| Kennebec County | $315,675 | 1.09% | $2,378 |
10 of 16 Maine counties tracked by Zillow have a typical home value at or below $350K. See all Maine home prices.
Other prices in Maine
Frequently asked questions
What is the mortgage on a $350K house in Maine?
About $2,327 a month with 20% down at 7.11%: $1,884 principal and interest, $268 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Maine?
About $99,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Maine?
At Maine's typical effective rate of 0.92%, about $3,217 a year. Rates vary by county and city — see the county pages.