Rhode Island Mortgage Calculator

Calculate your monthly mortgage payment in Rhode Island. Average home price: $385,000 · Property tax rate: 1.4% · Median household income: $71,169.

Calculate Your Rhode Island Mortgage Payment

Home Price ($)

Down Payment ($)

Interest Rate (%)

Loan Term (Years)

Property Tax Rate (%)

Annual Insurance ($)

HOA Monthly ($)

Loan Type

Rhode Island Housing Market Overview

$385,000

Avg Home Price

1.4%

Property Tax Rate

$1,700

Annual Insurance

6.7%

Avg Mortgage Rate

The average home price in Rhode Island is $385,000, with a property tax rate of 1.4%. With 20% down at 6.7%, your estimated monthly payment would be approximately $2,578/month including principal, interest, taxes, and insurance (PITI).

Rhode Island's median household income is $71,169, making the average home roughly 5.4x the median annual income. Financial advisors generally recommend a home price no more than 3-4x your annual income.

How Mortgage Payments Work in Rhode Island

Your monthly mortgage payment in Rhode Island consists of four components (PITI):

Principal: The portion that reduces your loan balance. Starts small and grows over time.
Interest: The cost of borrowing. At 6.7%, you'll pay significant interest in the early years.
Taxes: Rhode Island's property tax rate of 1.4% means approximately $449/month on the average home.
Insurance: Homeowners insurance in Rhode Island averages $1,700/year ($142/month).

If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI), typically 0.5-1% of the loan annually. FHA loans require mortgage insurance for the life of the loan.

Tips for Rhode Island Home Buyers

Get pre-approved: Know exactly how much you can afford before shopping in Rhode Island.
Compare rates: Even a 0.25% rate difference saves thousands over 30 years on a $385,000 home.
Consider property taxes: Rhode Island's 1.4% rate can vary significantly by county — research your target area.
Shop insurance: Rhode Island homeowners insurance averages $1,700/year, but rates vary. Get 3-5 quotes.
Budget for closing costs: Expect 2-5% of the purchase price ($7,700-$19,250) in closing costs.
Build an emergency fund: Set aside 3-6 months of mortgage payments ($7,735-$15,470) for emergencies.

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Frequently Asked Questions

What is the average mortgage payment in Rhode Island?

Based on the average home price of $385,000 with 20% down at 6.7%, the typical monthly payment in Rhode Island is approximately $2,578, including principal, interest, property taxes (1.4%), and homeowners insurance ($1,700/year).

What is the property tax rate in Rhode Island?

Rhode Island's effective property tax rate is approximately 1.4%. On a $385,000 home, that's about $5,390/year or $449/month. Property tax rates can vary by county within Rhode Island.

How much do I need for a down payment on a home in Rhode Island?

For a conventional loan, 20% down on the average Rhode Island home ($385,000) would be $77,000. FHA loans require as little as 3.5% ($13,475), and VA loans offer 0% down for eligible veterans. Lower down payments mean higher monthly payments and PMI.

What credit score do I need for a mortgage in Rhode Island?

Conventional loans typically require 620+, FHA loans 580+ (for 3.5% down) or 500+ (for 10% down), and VA loans have no minimum but lenders typically prefer 620+. Higher scores get better rates — a 760+ score in Rhode Island could save you 0.5-1% on your rate.

Should I get a 15-year or 30-year mortgage in Rhode Island?

A 30-year mortgage offers lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significantly on interest. On a $308,000 loan at 6.7%, you'd save approximately $154,770 in total interest with a 15-year term.

How much house can I afford in Rhode Island?

With Rhode Island's median household income of $71,169, following the 28% rule (housing should be ≤28% of gross income), you could afford approximately $1,661/month for housing. That supports a home price of roughly $249,092-$284,676 depending on rates, taxes, and insurance.