Can I Afford a $300K Home in Maine?
Complete mortgage breakdown for a $300,000 home in Maine, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$1,995/mo
P&I: $1,577 + Tax: $310 + Insurance: $108
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $9,000 | $2,451 | $105,053 |
| 5% | $15,000 | $2,409 | $103,257 |
| 10% | $30,000 | $2,305 | $98,766 |
| 20% | $60,000 | $1,995 | $85,498 |
Monthly Cost Breakdown (Maine)
Principal & Interest
$1,577/mo
Property Tax (1.24%)
$310/mo
Homeowners Insurance
$108/mo
Total Interest (30-yr)
$327,586
Affordability Rules of Thumb
28% Rule (Housing)
$85,498/yr
Minimum gross income
36% Rule (All Debt)
$66,499/yr
If no other debt
3Ã Income Rule
$100,000/yr
Conservative target
Buying a $300K Home in Maine
A $300,000 home in Maine falls in the mid-range of the housing market. At $1,995/month with 20% down, you'll need a household income of about $85,498 to comfortably afford this home under the 28% rule. Property taxes in Maine (1.24%) add $310 monthly to your costs.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Maine.