Mortgage Calculator & Closing Costs: Middletown, RI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Middletown, Rhode Island.
Median Home Price
$495K
Population
16K
Avg Monthly Rent
$1,780
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 Middletown.
Middletown vs Rhode Island Median
The median home price in Middletown is $495,000, which is 16% above the Rhode Island state median of $425,000.
Mortgage Calculator — Middletown, RI
Pre-filled with Middletown median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $495K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$4,061/mo
Down: $24,750
Loan: $470K
P&I: $2,972
Tax: $631
Insurance: $183
PMI: $274
10% Down
$3,890/mo
Down: $49,500
Loan: $446K
P&I: $2,816
Tax: $631
Insurance: $183
PMI: $260
20% Down (No PMI)
$3,317/mo
Down: $99,000
Loan: $396K
P&I: $2,503
Tax: $631
Insurance: $183
Income needed (28% rule): $142K/year with 20% down, $167K/year with 10% down.
Rent vs Buy in Middletown
Rent
$1,780/mo
vs
Buy (10% down)
$3,890/mo
Price-to-rent ratio: 23.2 — At a ratio above 20, renting may be more economical in Middletown for shorter stays. Buying costs $2,110 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Middletown is $495,000, 16% above the Rhode Island state median of $425,000. With a population of 16,150, Middletown is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Rhode Island average 1.53% annually. This higher-than-average tax rate means a $495,000 home in Middletown would carry roughly $631/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 Middletown is $1,780/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Middletown is a higher-cost market. At $495K median, buyers need significant savings or strong income. Down payment assistance through Rhode Island's RIHousing First Homes program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Middletown.