Mortgage on a $700K house in Maine
$4,653 a month with 20% down — $3,767 principal and interest plus $536 property tax and $350 insurance.
Maine's typical property tax is 0.92% of the home's value a year (U.S. average 0.9%), which adds $536 a month on a $700K home. The typical home in Maine is worth $412,002, so $700K is 70% above the typical price.
$700K home in Maine: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $140,000 | $560,000 | $3,767 | $0 | $886 | $4,653 | $199,400 |
| 10% down | $70,000 | $630,000 | $4,238 | $263 | $886 | $5,387 | $230,900 |
| 5% down | $35,000 | $665,000 | $4,473 | $277 | $886 | $5,637 | $241,600 |
| 3.5% down (FHA) | $24,500 | $687,321 | $4,624 | $310 | $886 | $5,819 | $249,400 |
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 $700K buy a typical home?
No Maine county has a typical home value within 15% of $700K.
16 of 16 Maine counties tracked by Zillow have a typical home value at or below $700K. See all Maine home prices.
Other prices in Maine
Frequently asked questions
What is the mortgage on a $700K house in Maine?
About $4,653 a month with 20% down at 7.11%: $3,767 principal and interest, $536 property tax and $350 insurance.
How much do I need to make to buy a $700K house in Maine?
About $199,400 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $700K house in Maine?
At Maine's typical effective rate of 0.92%, about $6,435 a year. Rates vary by county and city — see the county pages.