Conventional Loan Calculator — Maine
In Maine, one-unit loans up to $832,750 are conforming. With 10% down on the typical $416,000 home, the $374,400 loan carries estimated PMI of 0.72% ($225/mo), which drops off after about 9 years once the balance reaches 80% of the price.
Maine has the 19th-highest effective property tax rate of the 50 states at 0.98% — $291 more a year than the 0.91% state average on a $416,000 home. Homeowners insurance averages $1,335 a year, the 4th-lowest premium nationally and $1,385 less than the typical state.
Loan Parameters
Total Monthly Payment
$3,174
Principal & Interest + Taxes + Insurance
APR 7.488%
Total Interest
$525,039
Total Cost
$1,084,256
Advanced Parameters
Private Mortgage Insurance (PMI)
Your down payment is below 20%. PMI is estimated at 0.72% annually and is removed here when your LTV reaches 80%.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Feb 2035
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $29,981 | $3,781 | $26,200 | $2,696 | $370,619 | $45,381 |
| Year 2 | $29,981 | $4,056 | $25,925 | $2,696 | $366,563 | $49,437 |
| Year 3 | $29,981 | $4,350 | $25,631 | $2,696 | $362,213 | $53,787 |
| Year 4 | $29,981 | $4,666 | $25,315 | $2,696 | $357,546 | $58,454 |
| Year 5 | $29,981 | $5,005 | $24,976 | $2,696 | $352,541 | $63,459 |
| Year 6 | $29,981 | $5,368 | $24,613 | $2,696 | $347,173 | $68,827 |
| Year 7 | $29,981 | $5,758 | $24,223 | $2,696 | $341,415 | $74,585 |
| Year 8 | $29,981 | $6,176 | $23,805 | $2,696 | $335,239 | $80,761 |
| Year 9 | $29,981 | $6,625 | $23,357 | $899 | $328,614 | $87,386 |
| Year 10 | $29,981 | $7,106 | $22,875 | — | $321,508 | $94,492 |
| Year 11 | $29,981 | $7,622 | $22,360 | — | $313,886 | $102,114 |
| Year 12 | $29,981 | $8,175 | $21,806 | — | $305,711 | $110,289 |
| Year 13 | $29,981 | $8,769 | $21,213 | — | $296,942 | $119,058 |
| Year 14 | $29,981 | $9,405 | $20,576 | — | $287,537 | $128,463 |
| Year 15 | $29,981 | $10,088 | $19,893 | — | $277,449 | $138,551 |
| Year 16 | $29,981 | $10,821 | $19,160 | — | $266,628 | $149,372 |
| Year 17 | $29,981 | $11,607 | $18,375 | — | $255,021 | $160,979 |
| Year 18 | $29,981 | $12,449 | $17,532 | — | $242,572 | $173,428 |
| Year 19 | $29,981 | $13,353 | $16,628 | — | $229,218 | $186,782 |
| Year 20 | $29,981 | $14,323 | $15,658 | — | $214,896 | $201,104 |
| Year 21 | $29,981 | $15,363 | $14,618 | — | $199,533 | $216,467 |
| Year 22 | $29,981 | $16,478 | $13,503 | — | $183,054 | $232,946 |
| Year 23 | $29,981 | $17,675 | $12,306 | — | $165,380 | $250,620 |
| Year 24 | $29,981 | $18,958 | $11,023 | — | $146,421 | $269,579 |
| Year 25 | $29,981 | $20,335 | $9,647 | — | $126,087 | $289,913 |
| Year 26 | $29,981 | $21,811 | $8,170 | — | $104,275 | $311,725 |
| Year 27 | $29,981 | $23,395 | $6,586 | — | $80,880 | $335,120 |
| Year 28 | $29,981 | $25,094 | $4,888 | — | $55,787 | $360,213 |
| Year 29 | $29,981 | $26,916 | $3,066 | — | $28,871 | $387,129 |
| Year 30 | $29,982 | $28,871 | $1,111 | — | $0 | $416,000 |
Conventional Loan numbers for Maine
- Typical Maine home value
- $416,000
- 10% down ($41,600) · Zillow, August 31, 2026
- Loan amount
- $374,400
- conforming in all 16 Maine counties
- Estimated monthly payment
- $3,174
- APR 7.488%
- Maine property tax
- 0.98%
- $340/mo
- Homeowners insurance
- $1,335/yr
- $111/mo
- Maine conforming limit
- $832,750
- Above this, the loan is jumbo
- PMI
- 0.72% · $225/mo
- Drops off after 9 years
How much house can you afford in Maine with a conventional loan?
Highest price where principal, interest, Maine property tax, insurance and PMI stay within 28% of gross income —10% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $143,000 | $14,300 | 34% |
| $75,000 | $1,750 | $222,000 | $22,200 | 53% |
| $100,000 | $2,333 | $301,000 | $30,100 | 72% |
| $125,000 | $2,917 | $381,000 | $38,100 | 92% |
| $150,000 | $3,500 | $460,000 | $46,000 | 111% |
| $200,000 | $4,667 | $618,000 | $61,800 | 149% |
| $250,000 | $5,833 | $777,000 | $77,700 | 187% |
Conventional vs other loan types in Maine
$416,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $41,600 | $374,400 | — | $225 PMI | $3,174 | 7.488% |
| FHA | 3.5% · $14,560 | $408,465 | UFMIP $7,025 | $186 MIP | $3,363 | 7.761% |
| VA | 0% · $0 | $424,944 | Funding fee $8,944 | $0 | $3,287 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $83,200 | $332,800 | — | $0 | $2,672 | 7.030% |
Frequently asked questions
What is the monthly payment on a $416,000 home with a conventional loan in Maine?
Estimated $3,174 per month ($2,498 principal & interest, $340 property tax, $111 insurance, $225 PMI) at 7.03% for 30 years, with 10% down. APR 7.488%.
How much is PMI on a Maine conventional loan?
At 90% loan-to-value, PMI is estimated at 0.72% a year ($225/mo). It can be removed once the balance reaches 80% of the home's original value.
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- CFPB — What is private mortgage insurance?
- Homeowners Protection Act (PMI cancellation at 78–80% LTV)
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.