Mortgage Calculator for Rhode Island — Includes Property Tax & Insurance
In Rhode Island, the median home costs $400,000, and property taxes there are higher than the typical U.S. state at an average of 1.63% of assessed value — which adds roughly $543 to the monthly payment on a median-priced Rhode Island home. Homeowners insurance in Rhode Island averages $1,300 a year ($108/month), below the national average. Putting 20% down at Rhode Island's typical 30-year fixed rate of 7%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $2,781 per month. The calculator below is pre-filled with these Rhode Island figures so you can adjust any input and see the impact instantly.
A buyer earning Rhode Island's median household income of $77,000 would dedicate roughly 43% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$400,000
Avg 30-yr Rate
7%
Property Tax Rate
1.63%/yr
Est. Monthly PITI
$2,781
Mortgage Calculator
Total Monthly Payment
$2,780.63
Loan Amount
$320,000
Total Paid
$766,428
Total Interest
$446,428
How to Get a Mortgage in Rhode Island
- 1 Check your credit score. In Rhode Island, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $400,000 Rhode Island home, 20% down is $80,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in Rhode Island average 7%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $9,600–$16,000 on a median Rhode Island purchase.
- 5 Budget for ongoing costs: Rhode Island property taxes average 1.63%/yr ($6,520/yr on the median home), plus homeowner's insurance averaging $1,300/yr.
Monthly Cost Breakdown — Median Rhode Island Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
Rhode Island Mortgage FAQs
What is the average home price in Rhode Island?
The median home price in Rhode Island is $400,000 (2024 estimate). With a typical 20% down payment of $80,000, a buyer would finance $320,000 at a 30-year fixed rate.
What are property taxes like in Rhode Island?
Rhode Island has an average effective property tax rate of 1.63% of assessed home value. On a $400,000 home, that's approximately $6,520 per year ($543/month) — above the national average of 1.07%.
How much income do I need to buy a home in Rhode Island?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced Rhode Island home, you'd need to earn roughly $119,170 per year. The state's median household income is $77,000, meaning the typical household allocates about 43% of gross income to housing — significantly strained.
What is the average mortgage rate in Rhode Island?
The average 30-year fixed mortgage rate in Rhode Island is approximately 7% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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