Calculate your monthly mortgage payment in Rhode Island. Pre-filled with Rhode Island's median home price of $400,000 and an average property tax rate of 1.63%.
Est. Monthly Payment
$3,059
Principal & Interest
$2,349
Property Tax / mo
$543
Total Interest Paid
$485,759
| Home Price | $400,000 | Median home price in Rhode Island (2025) |
| Down Payment | 10% ($40,000) | Typical down payment percentage |
| Loan Amount | $360,000 | Home price minus down payment |
| Interest Rate | 6.81% | Approximate 30-year fixed rate (2025 avg) |
| Loan Term | 30 years | Most common mortgage term |
| Property Tax | 1.63% / year | Rhode Island average effective rate |
| Home Insurance | 0.5% / year | Approximate annual premium |
RIHousing First Down, Extra Assistance, 10kDPA
Cost of living: High · Population: 1,097,379
Rhode Island has a median home price of approximately $400,000, placing it above the national median. With a 10% down payment of $40,000, a typical buyer would finance $360,000 over 30 years. At a 6.81% fixed rate, the monthly principal and interest payment comes to $2,349.
Property taxes in Rhode Island average 1.63% of the assessed home value annually — one of the higher rates in the country. Combined with an estimated $167 for homeowners insurance, your all-in monthly housing cost is approximately $3,059.
Using the 28% housing cost guideline, you would need a gross annual income of approximately $131,114 to qualify comfortably. The median household income in Rhode Island is $70,305.
