Maine First-Time Homebuyer Calculator
First-time homebuyer costs in Maine: $11,900 FHA down payment, $10,200 closing costs, 1.36% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Maine. Includes down payment, closing costs (3%), PMI (required below 20% down), property tax (1.36%), and homeowners insurance ($1,380/yr). Note: Maine requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Maine homebuyer facts: Median price $340,000 | 20% down = $68,000 | FHA 3.5% down = $11,900 | Closing costs ~$10,200 | Property tax 1.36% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Maine?
For Maine's median home ($340,000): FHA minimum down payment is $11,900 (3.5%), plus $10,200 in closing costs. Total minimum: ~$22,100. With 20% down to avoid PMI: ~$78,200.
What are closing costs in Maine?
Maine closing costs average 3% of the home price, or about $10,200 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.44%.
Related Calculators
More First-Time Homebuyer Calculators
More Calculators for Maine
Explore related financial tools with Maine data