The 207 Number
Know your number before you shop. Real math, real southern Maine data.
The 207 Number tells you the highest purchase price you can carry in the towns you care about, and what the true monthly payment looks like. It uses this week's PMMS rate, the mil rate published by each town, and the county median from the Maine Association of Realtors. It is free, it takes minutes, and it does not pull your credit.
SAMPLE SOUNDING · SCARBOROUGH · $150K INCOME
PMMS 2024-11-14 · Assessor mil rate, 2024-10
Enter your numbers
Assumptions (editable)
Methodology
Here is exactly how the number is computed.
The calculator solves for the highest price at which your Principal, Interest, Taxes, and Insurance (PITI, plus PMI when your down payment is under 20 percent) equals your qualifying housing budget. That budget is your gross monthly income multiplied by 45 percent, minus your monthly non-housing debts. If any of those inputs move, so does the answer.
The rate assumption defaults to the current Freddie Mac Primary Mortgage Market Survey 30-year fixed, adjusted by a small, stated increment for your selected credit band. Property taxes are computed on the purchase price using each town's most recent published mil rate. Homeowners insurance defaults to 0.55 percent of home value per year, which is a common Maine baseline for a single family home in average condition; coastal and older homes can run higher. PMI defaults to 0.75 percent of the loan amount per year, which is a common conforming factor, and drops off when you cross 20 percent equity.
Every assumption is editable in the panel above. If you have a real insurance quote, put it in. If your credit union is quoting a specific rate, put that in. The math updates instantly, and the exported report shows what was used.
Sources. Freddie Mac PMMS 30-year fixed (weekly), published at freddiemac.com/pmms. Optimal Blue OBMMI 30-year conforming (daily), published at optimalblue.com. Town mil rates from each municipality's annual tax commitment via Maine Revenue Services Property Tax Division. County median sale prices from the Maine Association of Realtors monthly single family report at mainerealtors.com.
How to read the verdicts
Fits, Stretch, and Wide Open.
The verdict chip compares your max price against that town's most recent median sale price. Wide Open means you can carry meaningfully more than the median, so you can shop above the middle of the market and still be comfortable. Fits means you can carry a home near the town's median, which is the sweet spot for most buyers. Stretch means the median is out of reach at these inputs. That does not mean you cannot buy. It usually means you need a different town, a bigger down payment, a lower debt load, or a program like FHA or a first-time buyer grant that Travis can walk through with you.
The verdict is intentionally blunt. Most calculators show you a number and hope you interpret it. This one tells you plainly whether you are lining up with the actual market or fighting it.
FAQ
Questions buyers actually ask about their number.
How much income do you need to buy a $400,000 house in Maine?
At a market rate near 7 percent, ten percent down, a Cumberland County mil rate around 15, and low monthly debts, roughly $100,000 to $115,000 in household income fits a $400,000 purchase inside a comfortable qualifying ratio. Higher-tax towns (Yarmouth, Gorham) push that up; lower-tax towns (York, Wells) pull it down. Run your specific number in the calculator.
What credit score do you need to buy a house in Maine?
Conventional loans generally start at 620. FHA can go lower. Pricing improves at 680, 700, 740, and 760+. Under 620, focused credit repair for a couple of months often changes the loan program you qualify for entirely.
Can you buy a house in Maine with 5 percent down?
Yes. Conventional loans allow as little as three percent down for qualified first-time buyers and five percent for repeat buyers. FHA allows 3.5 percent. VA and USDA allow zero for eligible borrowers. Lower down payments mean PMI on conventional and MIP on FHA, which the calculator includes.
How are Maine property taxes calculated?
Each town publishes an annual mil rate in dollars per $1,000 of assessed value. Assessed value times mil rate divided by 1,000 equals the annual tax. Maine's homestead exemption reduces assessed value for owner-occupants. Assessed value is not always sale price; check the town assessor before writing an offer.
How much does PMI cost on a Maine mortgage?
Private Mortgage Insurance typically runs 0.3 to 1.5 percent of the loan per year, priced by credit score, down payment, and loan-to-value. It applies to conventional loans under 20 percent down and drops off automatically at 78 percent LTV. A common conforming factor is around 0.75 percent.
What are closing costs in Maine?
Buyer closing costs run roughly two to four percent of the purchase price, plus down payment and prepaids for insurance and tax escrow. Sellers can cover buyer costs as a negotiated concession, up to program limits. Multifamily deals in Maine often carry seller-paid closing costs.
How much house can I afford on $150,000 a year in Maine?
At a market rate near 7 percent, ten percent down, and low debts, a $150,000 household income supports roughly $550,000 to $620,000 in purchase price depending on the town's mil rate. Yarmouth's higher taxes trim that meaningfully; York's lower taxes stretch it. Enter your number in the tool.
Market averages shown are sourced from the named indices and updated on their published schedule. These are market averages, not an offer or commitment to lend, and not a rate available to you. Your actual rate and payment depend on your credit score, down payment, qualifying income, loan type, loan amount, property type and occupancy, loan-to-value, points, and market conditions at lock. Rates change daily and are subject to change without notice. Figures are estimates for illustration only and do not constitute loan approval, a rate lock, or a guarantee. Travis Penny | NMLS #1649161 | Equal Housing Opportunity | nmlsconsumeraccess.org