Mortgage on a $400K house in Maine
$2,659 a month with 20% down — $2,153 principal and interest plus $306 property tax and $200 insurance.
Maine's typical property tax is 0.92% of the home's value a year (U.S. average 0.9%), which adds $306 a month on a $400K home. The typical home in Maine is worth $412,002, so $400K is right at the typical price.
$400K home in Maine: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $80,000 | $320,000 | $2,153 | $0 | $506 | $2,659 | $114,000 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $506 | $3,078 | $131,900 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $506 | $3,221 | $138,000 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $506 | $3,325 | $142,500 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Hancock County | $419,630 | 0.83% | $2,628 |
| Sagadahoc County | $432,225 | 1.04% | $2,700 |
| Knox County | $436,709 | 1.17% | $2,741 |
| Lincoln County | $443,362 | 0.85% | $2,636 |
| Waldo County | $344,137 | 1.04% | $2,700 |
10 of 16 Maine counties tracked by Zillow have a typical home value at or below $400K. See all Maine home prices.
Other prices in Maine
Frequently asked questions
What is the mortgage on a $400K house in Maine?
About $2,659 a month with 20% down at 7.11%: $2,153 principal and interest, $306 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Maine?
About $114,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Maine?
At Maine's typical effective rate of 0.92%, about $3,677 a year. Rates vary by county and city — see the county pages.