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Rhode Island mortgage calculator

The median home in Rhode Island runs about $450,000. With 20% down that's a loan near $360,000 — the calculator is pre-filled with that figure. Rhode Island's property tax rate is above the national average and varies by city and town, and coastal wind exposure adds to insurance costs in a small but high-priced market.

$2,337.35 / month

Total interest
$481,442
Total paid
$841,442
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$90k$180k$270k$360k0612182430Year

How it works

A full Rhode Island payment is more than principal and interest. At the state's 1.40% effective property tax rate, a $450,000 home owes about $6,300 a year in tax, and homeowners insurance averages roughly $1,700 a year here. Together those add about $667 to the monthly payment before any HOA dues or PMI.

Rhode Island's median household income is about $84,000, or $7,000 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,960 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in Rhode Island sell in about 30 days on average.

Frequently asked questions

What is a typical mortgage payment in Rhode Island?
On the state's roughly $450,000 median home with 20% down, the loan is about $360,000. Principal and interest depend on your rate; on top of that, Rhode Island's 1.40% effective property tax rate and about $1,700 a year in homeowners insurance add roughly $667 per month to the payment.
How much are property taxes on a home in Rhode Island?
Rhode Island's effective property tax rate averages about 1.40% of market value — roughly $6,300 a year on the $450,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in Rhode Island?
The average Rhode Island homeowners policy runs about $1,700 a year. Rhode Island's property tax rate is above the national average and varies by city and town, and coastal wind exposure adds to insurance costs in a small but high-priced market.
Can I afford a home in Rhode Island on the median income?
Rhode Island's median household income is about $84,000 a year, or $7,000 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,960 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in Rhode Island?
A for-sale home in Rhode Island spends about 30 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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