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Rhode Island Mortgage Calculator

Estimate your monthly mortgage payment in Rhode Island, pre-loaded with the state's 1.30% average property tax rate and local insurance costs.

Median home price
$440,000
Avg property tax
1.30%
Avg insurance
$1,500/yr
$440,000
$88,000 (20%)

20%+ — no PMI

6.75%
Loan term
Taxes, insurance & fees
%
$
%
$

Estimated monthly payment

$2,885

on a $352,000 loan

Monthly$2,885
  • Principal & interest$2,283
  • Property tax$477
  • Home insurance$125
Loan amount
$352,000
Down payment
20%
Total interest
$469,904
Total of payments
$821,904

Buying a home in Rhode Island

Housing costs in Rhode Island are shaped by local property taxes, insurance, and home prices. With an average effective property tax rate of 1.30% and a median home price around $440,000, a typical buyer putting 20% down would finance roughly $352,000. Use the calculator above to model your own price, down payment, and rate — it already reflects Rhode Island's tax and insurance averages so your estimate is closer to reality.

Remember that these figures are statewide averages. Your county and city can have meaningfully different tax rates, and insurance premiums depend on your specific home. For the most accurate estimate, enter a quote from a licensed Rhode Island lender and your actual insurance and tax figures.

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Rhode Island mortgage FAQs

What is the average property tax rate in Rhode Island?

Rhode Island has an average effective property tax rate of about 1.30% of a home's value per year. On the state's indicative median home price of $440,000, that works out to roughly $5,720 per year, usually collected monthly through escrow.

How much is a mortgage payment in Rhode Island?

Your payment depends on the home price, down payment, interest rate, and term. We've pre-filled this calculator with Rhode Island's median home price of $440,000 and local tax and insurance estimates — adjust the sliders to match your situation.

Does this calculator include Rhode Island homeowners insurance?

Yes. We've defaulted to an indicative Rhode Island average of about $1,500 per year. Insurance varies by location, home age, and coverage, so enter a real quote for the most accurate estimate.