Monthly Payment on a $100K Mortgage in Rhode Island
Using Rhode Island's 1.53% property tax rate and $2,200/yr homeowners insurance.
$100K Mortgage in Rhode Island: Rate Comparison
Monthly PITI payment using Rhode Island's 1.53% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $906 | $874 | $765 |
| 6.0% | $936 | $903 | $790 |
| 6.5% | $967 | $932 | $816 |
| 7.0% | $998 | $962 | $843 |
| 7.5% | $1,031 | $993 | $870 |
| 8.0% | $1,063 | $1,024 | $898 |
How This Compares to Rhode Island's Median
A $100K home is 76% below Rhode Island's median of $425K. This is well within reach in many Rhode Island communities.
Income Needed for a $100K Home in Rhode Island
To afford this payment of $932/mo in Rhode Island, you'd need a household income of approximately $40K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in Rhode Island
Estimated closing costs in Rhode Island: $2K (1.7% of purchase price). Rhode Island also charges a 0.46% transfer tax, which may add $460 to your transaction costs.
What to Know About a $100K Mortgage in Rhode Island
Note that Rhode Island's 1.53% property tax rate adds $128/mo to your payment — significantly more than the national average of roughly 1.1%. On a $100K home, that's $1,530/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding Rhode Island's 1.53% property tax ($128/mo) and $2,200/yr insurance ($183/mo) brings your total to $932/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.