Mortgage Calculator & Closing Costs: Providence, RI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Providence, Rhode Island.
Median Home Price
$385K
Population
191K
Avg Monthly Rent
$1,650
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 Providence.
Providence vs Rhode Island Median
The median home price in Providence is $385,000, which is 9% below the Rhode Island state median of $425,000.
Mortgage Calculator — Providence, RI
Pre-filled with Providence median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $385K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$3,199/mo
Down: $19,250
Loan: $366K
P&I: $2,312
Tax: $491
Insurance: $183
PMI: $213
10% Down
$3,066/mo
Down: $38,500
Loan: $347K
P&I: $2,190
Tax: $491
Insurance: $183
PMI: $202
20% Down (No PMI)
$2,621/mo
Down: $77,000
Loan: $308K
P&I: $1,947
Tax: $491
Insurance: $183
Income needed (28% rule): $112K/year with 20% down, $131K/year with 10% down.
Rent vs Buy in Providence
Rent
$1,650/mo
vs
Buy (10% down)
$3,066/mo
Price-to-rent ratio: 19.4 — A ratio between 15-20 means the rent vs buy decision in 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 Providence is $385,000, 9% below the Rhode Island state median of $425,000. With a population of 190,934, Providence is a mid-size city 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 $385,000 home in Providence would carry roughly $491/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 Providence is $1,650/month. The price-to-rent ratio in Providence is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Providence presents moderate affordability. The $385K 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 Providence.