Calculate your monthly mortgage payment in Rhode Island. Pre-filled with Rhode Island's typical home value of $511,200 (Zillow Home Value Index, August 2026) and an effective property tax rate of 1.07% (Census ACS 2024 1-year, median taxes ÷ median home value).
Est. Monthly Payment
$3,398
Principal & Interest
$2,729
Property Tax / mo
$456
Total Interest Paid
$573,504
| Home Price | $511,200 | Typical home value in Rhode Island — Zillow Home Value Index, August 2026 |
| Down Payment | 20% ($102,240) | Assumption — no sourced state average |
| Loan Amount | $408,960 | Home price minus down payment |
| Interest Rate | 7.03% | Freddie Mac PMMS national average, week of 2026-09-24 — not a Rhode Island rate |
| Loan Term | 30 years | Assumption |
| Property Tax | 1.07% / year | Rhode Island effective rate — Census ACS 2024 1-year, median taxes ÷ median home value |
| Home Insurance | 0.5% / year | Assumption — not a sourced premium |
Programs named for Rhode Island: RIHousing First Down, Extra Assistance, 10kDPA. This list has no recorded source or date and may be out of date — confirm current programs and eligibility with the Rhode Island housing finance agency before you rely on it.
Cost of living: High (index 110.9, MERIC (C2ER index), Second Quarter 2026) · Population: 1,114,521 (Census Bureau estimate, July 1, 2025)
Rhode Island has a typical home value of about $511,200 (Zillow Home Value Index, August 2026), above the U.S. typical value of $368,700. With an assumed 20% down payment of $102,240, a buyer would finance $408,960 over 30 years. At the national 7.03% fixed rate, the monthly principal and interest payment comes to $2,729.
The effective property tax rate in Rhode Island — median real estate taxes paid divided by median home value — is 1.07% per year (Census ACS 2024 1-year, median taxes ÷ median home value), against 0.89% for the U.S. Combined with an assumed $213 a month for homeowners insurance, the estimated all-in monthly housing cost is about $3,398.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $145,631 to qualify comfortably. The median household income in Rhode Island is $83,504 (Census ACS 2024 1-year).
