Monthly Payment on a $800K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$800K Mortgage in Maine: Rate Comparison
Monthly PITI payment using Maine's 1.3% property tax and $1,300/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $5,734 | $5,483 | $4,609 |
| 6.0% | $5,975 | $5,712 | $4,812 |
| 6.5% | $6,222 | $5,946 | $5,020 |
| 7.0% | $6,475 | $6,185 | $5,233 |
| 7.5% | $6,732 | $6,429 | $5,450 |
| 8.0% | $6,995 | $6,678 | $5,671 |
How This Compares to Maine's Median
A $800K home is 129% above Maine's median of $350K. This puts you in the upper range of the Maine market, targeting more desirable neighborhoods or larger properties.
Income Needed for a $800K Home in Maine
To afford this payment of $5,946/mo in Maine, you'd need a household income of approximately $255K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $250K salary can afford →Closing Costs in Maine
Estimated closing costs in Maine: $12K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $3,520 to your transaction costs.
What to Know About a $800K Mortgage in Maine
With 10% down ($80,000), your loan of $720,000 at 6.5% over 30 years produces a principal and interest payment of $4,551/mo. Adding Maine's 1.3% property tax ($867/mo) and $1,300/yr insurance ($108/mo) brings your total to $5,946/mo. Because you're putting less than 20% down, PMI adds $420/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $918,320 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $86,144 over the life of the loan.