Mortgage on a $550K house in Maine
$3,656 a month with 20% down — $2,960 principal and interest plus $421 property tax and $275 insurance.
Maine's typical property tax is 0.92% of the home's value a year (U.S. average 0.9%), which adds $421 a month on a $550K home. The typical home in Maine is worth $412,002, so $550K is 33% above the typical price.
$550K home in Maine: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $110,000 | $440,000 | $2,960 | $0 | $696 | $3,656 | $156,700 |
| 10% down | $55,000 | $495,000 | $3,330 | $206 | $696 | $4,232 | $181,400 |
| 5% down | $27,500 | $522,500 | $3,515 | $218 | $696 | $4,429 | $189,800 |
| 3.5% down (FHA) | $19,250 | $540,038 | $3,633 | $243 | $696 | $4,572 | $196,000 |
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 $550K buy a typical home?
In these counties the typical home value is within 15% of $550K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Cumberland County | $558,564 | 1.04% | $3,713 |
| York County | $525,406 | 0.96% | $3,674 |
15 of 16 Maine counties tracked by Zillow have a typical home value at or below $550K. See all Maine home prices.
Other prices in Maine
Frequently asked questions
What is the mortgage on a $550K house in Maine?
About $3,656 a month with 20% down at 7.11%: $2,960 principal and interest, $421 property tax and $275 insurance.
How much do I need to make to buy a $550K house in Maine?
About $156,700 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $550K house in Maine?
At Maine's typical effective rate of 0.92%, about $5,056 a year. Rates vary by county and city — see the county pages.