Mortgage Calculator & Closing Costs: West Warwick, RI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for West Warwick, Rhode Island.
Median Home Price
$295K
Population
29K
Avg Monthly Rent
$1,320
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 West Warwick.
West Warwick vs Rhode Island Median
The median home price in West Warwick is $295,000, which is 31% below the Rhode Island state median of $425,000.
Mortgage Calculator — West Warwick, RI
Pre-filled with West Warwick median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $295K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$2,494/mo
Down: $14,750
Loan: $280K
P&I: $1,771
Tax: $376
Insurance: $183
PMI: $163
10% Down
$2,392/mo
Down: $29,500
Loan: $266K
P&I: $1,678
Tax: $376
Insurance: $183
PMI: $155
20% Down (No PMI)
$2,051/mo
Down: $59,000
Loan: $236K
P&I: $1,492
Tax: $376
Insurance: $183
Income needed (28% rule): $88K/year with 20% down, $103K/year with 10% down.
Rent vs Buy in West Warwick
Rent
$1,320/mo
vs
Buy (10% down)
$2,392/mo
Price-to-rent ratio: 18.6 — A ratio between 15-20 means the rent vs buy decision in West Warwick 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 West Warwick is $295,000, 31% below the Rhode Island state median of $425,000. With a population of 29,191, West Warwick 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 $295,000 home in West Warwick would carry roughly $376/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 West Warwick is $1,320/month. The price-to-rent ratio in West Warwick is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
West Warwick presents moderate affordability. The $295K 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 West Warwick.