Mortgage Calculator & Closing Costs: Narragansett, RI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Narragansett, Rhode Island.
Median Home Price
$525K
Population
16K
Avg Monthly Rent
$1,850
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 Narragansett.
Narragansett vs Rhode Island Median
The median home price in Narragansett is $525,000, which is 24% above the Rhode Island state median of $425,000.
Mortgage Calculator — Narragansett, RI
Pre-filled with Narragansett median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $525K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$4,296/mo
Down: $26,250
Loan: $499K
P&I: $3,152
Tax: $669
Insurance: $183
PMI: $291
10% Down
$4,115/mo
Down: $52,500
Loan: $473K
P&I: $2,987
Tax: $669
Insurance: $183
PMI: $276
20% Down (No PMI)
$3,507/mo
Down: $105,000
Loan: $420K
P&I: $2,655
Tax: $669
Insurance: $183
Income needed (28% rule): $150K/year with 20% down, $176K/year with 10% down.
Rent vs Buy in Narragansett
Rent
$1,850/mo
vs
Buy (10% down)
$4,115/mo
Price-to-rent ratio: 23.6 — At a ratio above 20, renting may be more economical in Narragansett for shorter stays. Buying costs $2,265 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 Narragansett is $525,000, 24% above the Rhode Island state median of $425,000. With a population of 15,868, Narragansett 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 $525,000 home in Narragansett would carry roughly $669/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 Narragansett is $1,850/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.
Narragansett is a higher-cost market. At $525K 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 Narragansett.