Can I Afford a $350K Home in Maine?
Complete mortgage breakdown for a $350,000 home in Maine, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$2,309/mo
P&I: $1,839 + Tax: $362 + Insurance: $108
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $10,500 | $2,842 | $121,788 |
| 5% | $17,500 | $2,793 | $119,693 |
| 10% | $35,000 | $2,671 | $114,453 |
| 20% | $70,000 | $2,309 | $98,974 |
Monthly Cost Breakdown (Maine)
Principal & Interest
$1,839/mo
Property Tax (1.24%)
$362/mo
Homeowners Insurance
$108/mo
Total Interest (30-yr)
$382,184
Affordability Rules of Thumb
28% Rule (Housing)
$98,974/yr
Minimum gross income
36% Rule (All Debt)
$76,980/yr
If no other debt
3Ã Income Rule
$116,667/yr
Conservative target
Buying a $350K Home in Maine
A $350,000 home in Maine falls in the mid-range of the housing market. At $2,309/month with 20% down, you'll need a household income of about $98,974 to comfortably afford this home under the 28% rule. Property taxes in Maine (1.24%) add $362 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.