Monthly Payment on a $900K Mortgage in Maine
Using Maine's 1.3% property tax rate and $1,300/yr homeowners insurance.
$900K 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% | $6,437 | $6,155 | $5,171 |
| 6.0% | $6,708 | $6,412 | $5,400 |
| 6.5% | $6,986 | $6,676 | $5,634 |
| 7.0% | $7,270 | $6,945 | $5,874 |
| 7.5% | $7,560 | $7,219 | $6,118 |
| 8.0% | $7,856 | $7,499 | $6,366 |
How This Compares to Maine's Median
A $900K home is 157% 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 $900K Home in Maine
To afford this payment of $6,676/mo in Maine, you'd need a household income of approximately $286K/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: $14K (1.5% of purchase price). Maine also charges a 0.44% transfer tax, which may add $3,960 to your transaction costs.
What to Know About a $900K Mortgage in Maine
With 10% down ($90,000), your loan of $810,000 at 6.5% over 30 years produces a principal and interest payment of $5,120/mo. Adding Maine's 1.3% property tax ($975/mo) and $1,300/yr insurance ($108/mo) brings your total to $6,676/mo. Because you're putting less than 20% down, PMI adds $473/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $1,033,110 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $96,912 over the life of the loan.