Rhode Island Mortgage Calculator
Estimate your monthly mortgage payment in Rhode Island based on the state median home price of $425K, a 1.53% property tax rate, and $2K/year homeowners insurance.
Why This Matters in Rhode Island
In Rhode Island, property taxes average 1.53% of assessed value. On the state median home of $425K, that adds $542/month to your mortgage payment — well above the national average and a significant budget factor. Combined with $183/month for homeowners insurance, your non-mortgage housing costs in Rhode Island total $725/month before you even account for principal and interest.
Rhode Island's median home price of $425K places it among the more expensive states. Buyers here benefit from shopping multiple lenders aggressively — even a 0.25% rate difference saves $80/month on the median home.
What to Expect for a Mortgage Payment in Rhode Island
On the median Rhode Island home priced at $425K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $2,418 per month. Add $542/mo in property taxes and $183/mo for homeowners insurance, and the total PITI comes to approximately $3,143 each month. That median price sits about 21% above the national median of roughly $350K, which directly shapes how much house most Rhode Island borrowers can realistically target.
At $425K, Rhode Island's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($85K) eliminates PMI and drops the monthly payment to roughly $2,874, saving about $269 per month compared to the 10%-down scenario.
One important factor in Rhode Island: the 1.53% property tax rate adds $6,503 per year ($542/mo) to your housing cost. That is a significant share of the total payment and something many first-time buyers underestimate. When comparing Rhode Island to lower-tax states, remember that the sticker price only tells half the story — ongoing tax costs can add hundreds to the monthly obligation.
Homeowners insurance in Rhode Island averages around $2K per year, which adds $183 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the RIHousing First Homes program, which offers 10k dpa forgivable for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.