Monthly Payment on a $350K Mortgage in Rhode Island
Using Rhode Island's 1.53% property tax rate and $2,200/yr homeowners insurance.
$350K 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% | $2,711 | $2,602 | $2,219 |
| 6.0% | $2,817 | $2,702 | $2,308 |
| 6.5% | $2,925 | $2,804 | $2,399 |
| 7.0% | $3,036 | $2,909 | $2,492 |
| 7.5% | $3,148 | $3,016 | $2,587 |
| 8.0% | $3,263 | $3,125 | $2,684 |
How This Compares to Rhode Island's Median
A $350K home is 18% below Rhode Island's median of $425K. You'll find homes at this price in cities like Warwick, Pawtucket, West Warwick, Woonsocket.
Income Needed for a $350K Home in Rhode Island
To afford this payment of $2,804/mo in Rhode Island, you'd need a household income of approximately $120K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $120K salary can afford →Closing Costs in Rhode Island
Estimated closing costs in Rhode Island: $6K (1.7% of purchase price). Rhode Island also charges a 0.46% transfer tax, which may add $1,610 to your transaction costs.
What to Know About a $350K Mortgage in Rhode Island
Note that Rhode Island's 1.53% property tax rate adds $446/mo to your payment — significantly more than the national average of roughly 1.1%. On a $350K home, that's $5,355/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding Rhode Island's 1.53% property tax ($446/mo) and $2,200/yr insurance ($183/mo) brings your total to $2,804/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.