Mortgage Calculator & Closing Costs: East Providence, RI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for East Providence, Rhode Island.
Median Home Price
$355K
Population
48K
Avg Monthly Rent
$1,480
Property Tax Rate
1.53% *
* Property tax shown is the Rhode Island state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in East Providence.
East Providence vs Rhode Island Median
The median home price in East Providence is $355,000, which is 16% below the Rhode Island state median of $425,000.
Mortgage Calculator — East Providence, RI
Pre-filled with East Providence median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $355K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$2,964/mo
Down: $17,750
Loan: $337K
P&I: $2,132
Tax: $453
Insurance: $183
PMI: $197
10% Down
$2,842/mo
Down: $35,500
Loan: $320K
P&I: $2,019
Tax: $453
Insurance: $183
PMI: $186
20% Down (No PMI)
$2,431/mo
Down: $71,000
Loan: $284K
P&I: $1,795
Tax: $453
Insurance: $183
Income needed (28% rule): $104K/year with 20% down, $122K/year with 10% down.
Rent vs Buy in East Providence
Rent
$1,480/mo
vs
Buy (10% down)
$2,842/mo
Price-to-rent ratio: 20.0 — A ratio between 15-20 means the rent vs buy decision in East Providence depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in East Providence is $355,000, 16% below the Rhode Island state median of $425,000. With a population of 47,800, East Providence is a smaller market where home prices tend to be more accessible than in many parts of Rhode Island.
Property taxes in Rhode Island average 1.53% annually. This higher-than-average tax rate means a $355,000 home in East Providence would carry roughly $453/month in property taxes alone — plan accordingly. Homeowners insurance in Rhode Island runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in East Providence is $1,480/month. The price-to-rent ratio in East Providence is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
East Providence presents moderate affordability. The $355K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in East Providence.