Rhode Island Mortgage Calculator
Estimate your monthly mortgage payment in Rhode Island with local property taxes and insurance built in. The typical Rhode Island home costs around $430,000 — about 2% pricier than the national median — and the state's effective property-tax rate of 1.4% (above the U.S. average) adds roughly $502 a month on a median-priced home, with average homeowners insurance contributing another $204. On a typical 30-year loan with 20% down, that puts the all-in monthly cost near $2,880. The calculator starts from these local defaults; swap in your own price, down payment and rate to see your actual payment, and read on for how Rhode Island's taxes and insurance compare.
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Amortization schedule
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Property taxes in Rhode Island
Rhode Island's effective property-tax rate is about 1.4% of a home's value each year — higher than the U.S. average of 1.1%. On the state's median home price of $430,000, that works out to roughly $6,020/year ($502/month) added to your payment.
Good to know: Rhode Island's small size hides big town-to-town differences in mill rates, and coastal buyers should budget for flood coverage on top of a standard homeowners policy.
For the full formula and a worked example, see the main Mortgage Calculator.
Homeowners insurance in Rhode Island
Lenders require homeowners insurance, and in Rhode Island it averages about $2,445/year ($204/month) for a policy with $300,000 in dwelling coverage — 4% below the U.S. average of $2,543. Premiums are comparatively affordable here, though rates still vary with the home's age, construction and distance from a fire station. The calculator above already includes this figure in the monthly estimate — replace it with a real quote when you have one.
Buying a home in Rhode Island
At a median price of $430,000, homes in Rhode Island are about 2% pricier than the U.S. median of $420,000. On a typical purchase with 20% down on a 30-year loan around 6.5%, the principal and interest comes to roughly $2,174/month. Adding Rhode Island's property tax of about $502/month and average insurance of $204/month brings the housing cost to around $2,880/month before any HOA dues and — if you put down less than 20% — PMI. Because Rhode Island's effective property-tax rate (1.4%) is above the national average, taxes here weigh more heavily on your monthly budget than in most states. Use the calculator above to swap in your own price, down payment and rate, and the local figures will adjust the total for you.