Maine Mortgage Calculator With PITI, PMI, HOA and DTI

Maine Mortgage Calculator: 2025 Guide to Budgeting Your Home Purchase

Are you thinking about buying a home in Maine? Before falling in love with your dream house, it’s important to ensure it fits your budget. The easiest way to do that? Use the Maine mortgage calculator by Gustan Cho Associates. Our calculator goes beyond principal and interest, giving you the full picture.

In this 2025 guide, we’ll show you exactly how the Maine mortgage calculator works, what it includes, and how to use it to determine what home you can afford. Whether you’re a first-time homebuyer or refinancing, we’ve got you covered.

What Is a Maine Mortgage Calculator?

Most online mortgage calculators only focus on the loan’s principal and interest, but that’s not the whole picture. If you’re buying a home in Maine, your monthly mortgage payment also includes a few other things. The Maine mortgage calculator from Gustan Cho Associates breaks it all down for you:

• Principal and Interest (your loan payment)
• Property Taxes (which can vary by county in Maine)
• Homeowners Insurance
• Private Mortgage Insurance (PMI) for low-down-payment conventional loans
• FHA Mortgage Insurance Premium (MIP) if you’re using an FHA loan
• VA Funding Fee if you’re a veteran using a VA loan
• Homeowners Association fees, applicable if the residence is associated with a homeowner’s association.

This complete breakdown is why the Maine mortgage calculator is different—and more useful.

Why You Should Use a Localized Maine Mortgage Calculator

If you’re buying in Maine, your property taxes and insurance rates differ from other states.

Using a national calculator can give you the wrong numbers. Our tool is built for Maine.

For starters, property tax averages around 1.20% of what your home is worth, which can add up pretty quickly. Then there’s homeowners insurance, which typically runs about $900 a year—definitely something to budget for. If your place is in a community with an HOA, you’ll likely see monthly fees anywhere from $100 to $300, depending on the neighborhood and what perks come with it. All of these expenses play a big role in what you’ll be spending to keep your home sweet home.

These are real costs that can add hundreds to your monthly payment. The Maine mortgage calculator includes these to give you accurate answers.

How to Use the Maine Mortgage Calculator (Step-by-Step)

Using the calculator is easy. Here’s how to do it:

Step 1: Select your loan program — Conventional, FHA, VA, Jumbo, or Non-QM.

Step 2: Enter your purchase price and your down payment.

Step 3: Type in your interest rate. If you don’t know it, contact us—we’ll help you find the best rate.

Step 4: Fill in the property tax (or use the Maine average: 1.20%).

Step 5: Add your homeowner’s insurance (or use the average: $900/year).

Step 6: If there are HOA fees, enter them too.

Once you’re done, the Maine mortgage calculator gives you a full monthly estimate.

Calculate Your Debt-to-Income (DTI) Ratio Next

After you get your estimated mortgage payment, it’s smart to check your debt-to-income ratio (DTI). This helps you know if you’ll qualify for a loan.

Use the Gustan Cho Associates DTI calculator next.

Step 1: The Maine mortgage calculator will auto-fill your new mortgage payment.

Step 2: Add up all your monthly debt payments:

• Car loans
• Credit cards (minimum payments)
• Student loans
• Personal loans

Step 3: Enter your gross monthly income (before taxes).

The calculator shows your front-end DTI (just housing) and back-end DTI (all debt + housing).

What’s a Good DTI Ratio for Mortgage Approval?

Loan programs have different limits:

• FHA Loans: up to 56.9% DTI (with strong compensating factors)
• VA Loans: case-by-case, often up to 60%
• Conventional Loans: usually capped at 45%, but can go higher

If you’re not sure what you qualify for, reach out. At Gustan Cho Associates, we specialize in helping buyers with high DTI ratios and low credit scores.

Special Programs for Maine Homebuyers

Buying in Maine comes with local perks. Here are some 2025 programs that could help:

Maine Housing First Home Loan Program

This program helps first-time homebuyers in Maine by providing up to $5,000 for a down payment. It makes buying a home easier and more affordable, especially for those who find it hard to save for a bigger down payment. The program has flexible eligibility requirements, making it a good choice for new buyers entering the housing market.

Rural Development (USDA Loans)

USDA Loans are an excellent choice for people and families wanting to buy homes in eligible rural areas of Maine. These loans require no down payment, making buying a home easier without needing cash upfront. They are especially helpful for low to moderate-income buyers, helping communities grow and ensuring that rural areas remain vibrant.

FHA Loans

FHA loans are a great way for folks to buy homes without needing a huge down payment. They’re perfect for buyers with credit scores of 580 or above, making it easier for first-time homebuyers or anyone who doesn’t have the best credit to get into a place. FHA loans usually have easier financial requirements, which helps more people become homeowners.

VA Loans

VA Loans are designed for eligible veterans, active-duty military members, and some National Guard and Reserve members. One main benefit is that you can buy a home with a 0% down payment, which helps reduce financial stress for service members. VA loans have low interest rates and do not need private mortgage insurance (PMI). This makes them a great option for veterans who want to buy a home.

Use the Maine mortgage calculator to estimate your payment with each option.

Don’t Make This Mistake: Only Looking at Principal and Interest

Some buyers use online calculators that only show principal and interest. This can lead to budget shock when they get the full payment at closing.

Here’s an example:

A couple wants to buy a $350,000 home. Their mortgage has a 6.5% interest rate for 30 years. They will pay $2,212 each month for the principal and interest. In addition, they need to budget $350 for property taxes, $75 for insurance, and $100 for the homeowners association fees. This brings their total monthly payment to $2,737.

Using the Maine mortgage calculator upfront saves you from surprises.

Why Choose Gustan Cho Associates?

Many lenders have strict rules that make it hard for some people to get a loan. But we’re different—we don’t have those annoying extra requirements called lender overlays. This means we can help more people get the financing they need. Our services are great for self-employed folks, people with credit scores under 600, and those with high debt-to-income ratios. We also say yes to people turned down by other lenders. Our goal is to open doors for those who need it most.

Ready to Buy a Home in Maine?

Your next step is simple. Use the Maine mortgage calculator to see what you can afford, then contact us to get pre-approved.

We’ll walk you through:

• Picking the right loan program
• Understanding your DTI
• Exploring down payment help
• Locking in your rate

Get Started Now

Use the Maine mortgage calculator now and take the first step to buying a home in 2025. Borrowers who need a five-star national mortgage company licensed in 52 states with no overlays, please contact us at 800-900-8569, text us for a faster response, or email us at gcho@gustancho.com.

Frequently Asked Questions About the Maine Mortgage Calculator:

Q: What is the Maine Mortgage Calculator?

A: The Maine mortgage calculator helps you see your full monthly payment when buying a home. It includes your loan payment and taxes, insurance, and HOA fees.

Q: Is the Maine Mortgage Calculator Free to Use?

A: Yes! The Maine mortgage calculator is 100% free. You can use it as many times as you want with no signup.

Q: What do I Need to Use the Maine Mortgage Calculator?

A: You’ll need to enter your home price, down payment, interest rate, property taxes, insurance, and HOA fees (if any). The calculator will give you your total monthly cost.

Q: Does the Maine Mortgage Calculator Include Property Taxes?

A: Yes, it does! Property taxes in Maine average around 1.20% of the home’s value, and the Maine mortgage calculator lets you include that in your estimate.

Q: Can I Use the Maine Mortgage Calculator if I’m Refinancing?

A: Absolutely. Just enter your new loan details into the Maine mortgage calculator to see your new monthly payment.

Q: How do I Know What Interest Rate to Enter in the Maine Mortgage Calculator?

A: You can enter the rate your lender gave you or contact Gustan Cho Associates—we’ll help you find the best rate to plug into the Maine mortgage calculator.

Q: Does the Maine Mortgage Calculator Work for FHA, VA, or USDA Loans?

A: Yes! The Maine mortgage calculator works for all loan types—including FHA, VA, USDA, Conventional, and Jumbo loans.

Q: Will the Maine Mortgage Calculator Help Me Know if I Can Afford the House?

A: Yes. It shows your full payment so you can compare it to your income. Use the DTI calculator after the Maine mortgage calculator for a clearer picture.

Q: What if I Don’t Know My Taxes or Insurance Amounts?

A: That’s okay. The Maine mortgage calculator lets you use average estimates like 1.20% for property tax and $900/year for insurance in Maine.

Q: Why Should I Use the Maine Mortgage Calculator Instead of Another One Online?

A: Other calculators often leave out important costs. The Maine mortgage calculator is made for Maine homebuyers and includes everything—so you get real numbers, not guesses.

This blog about “Maine Mortgage Calculator With PITI, PMI, HOA and DTI” was updated on May 22nd, 2025.