Mortgage on a $500K house in Maine
$3,324 a month with 20% down — $2,691 principal and interest plus $383 property tax and $250 insurance.
Maine's typical property tax is 0.92% of the home's value a year (U.S. average 0.9%), which adds $383 a month on a $500K home. The typical home in Maine is worth $412,002, so $500K is 21% above the typical price.
$500K home in Maine: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $633 | $3,324 | $142,500 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $633 | $3,848 | $164,900 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $633 | $4,026 | $172,600 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $633 | $4,157 | $178,100 |
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 $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| York County | $525,406 | 0.96% | $3,340 |
| Lincoln County | $443,362 | 0.85% | $3,295 |
| Cumberland County | $558,564 | 1.04% | $3,375 |
| Knox County | $436,709 | 1.17% | $3,426 |
| Sagadahoc County | $432,225 | 1.04% | $3,375 |
14 of 16 Maine counties tracked by Zillow have a typical home value at or below $500K. See all Maine home prices.
Other prices in Maine
Frequently asked questions
What is the mortgage on a $500K house in Maine?
About $3,324 a month with 20% down at 7.11%: $2,691 principal and interest, $383 property tax and $250 insurance.
How much do I need to make to buy a $500K house in Maine?
About $142,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in Maine?
At Maine's typical effective rate of 0.92%, about $4,596 a year. Rates vary by county and city — see the county pages.