Mortgage Calculator & Closing Costs: Woonsocket, RI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Woonsocket, Rhode Island.
Median Home Price
$285K
Population
43K
Avg Monthly Rent
$1,280
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 Woonsocket.
Woonsocket vs Rhode Island Median
The median home price in Woonsocket is $285,000, which is 33% below the Rhode Island state median of $425,000.
Mortgage Calculator — Woonsocket, RI
Pre-filled with Woonsocket median home price and Rhode Island tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $285K home using Rhode Island's 1.53% tax rate and $2,200/yr insurance.
5% Down
$2,416/mo
Down: $14,250
Loan: $271K
P&I: $1,711
Tax: $363
Insurance: $183
PMI: $158
10% Down
$2,318/mo
Down: $28,500
Loan: $257K
P&I: $1,621
Tax: $363
Insurance: $183
PMI: $150
20% Down (No PMI)
$1,988/mo
Down: $57,000
Loan: $228K
P&I: $1,441
Tax: $363
Insurance: $183
Income needed (28% rule): $85K/year with 20% down, $99K/year with 10% down.
Rent vs Buy in Woonsocket
Rent
$1,280/mo
vs
Buy (10% down)
$2,318/mo
Price-to-rent ratio: 18.6 — A ratio between 15-20 means the rent vs buy decision in Woonsocket 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 Woonsocket is $285,000, 33% below the Rhode Island state median of $425,000. With a population of 43,240, Woonsocket 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 $285,000 home in Woonsocket would carry roughly $363/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 Woonsocket is $1,280/month. The price-to-rent ratio in Woonsocket is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Woonsocket presents moderate affordability. The $285K 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 Woonsocket.