In Rhode Island the median home is around $440,000 and the average property-tax rate is 1.21%. A typical payment with 20% down at 6.8% over 30 years works out near $2,867/month all-in. Adjust the numbers below for your own purchase.
Estimate includes principal, interest, property tax, and homeowners insurance (~0.35%/yr). For amortization schedules and PMI, use the full mortgage calculator.
Your monthly housing payment is more than just the loan. Lenders call it PITI — principal, interest, taxes, and insurance. The principal and interest repay the loan itself; on a median Rhode Island home of about $440,000 financed with 20% down at 6.8% over 30 years, that portion is roughly $2,295 a month. On top, Rhode Island property tax (about 1.21% of the home's value annually) adds around $444 a month, and homeowners insurance adds a similar small amount. If you put down less than 20%, expect private mortgage insurance (PMI) on top until you build enough equity.
Property tax is one of the biggest reasons identical loans cost different amounts in different states. Rhode Island's average effective rate of 1.21% means a $440,000 home carries roughly $5,324 in property tax a year. States with low home prices but high tax rates can end up costing as much per month as pricier states with low rates, which is why it pays to look at the all-in PITI figure rather than the sticker price or the loan payment alone.
Rhode Island's median home price of about $440,000 is close to the US median of roughly $420,000. Each row is an all-in PITI estimate assuming 20% down, a 6.8% 30-year loan, Rhode Island's 1.21% property tax, and homeowners insurance.
| Home price | Est. monthly payment (PITI) |
|---|---|
| $250,000 | $1,629/mo |
| $400,000 | $2,606/mo |
| $600,000 | $3,909/mo |
| $850,000 | $5,538/mo |
Estimates only; your rate, down payment, PMI, HOA dues, and exact local tax will change the figure. Adjust the calculator above for your own numbers.
A full 20% down payment on a median Rhode Island home is about $88,000, which also lets you avoid PMI. Many buyers use conventional loans with 3–5% down, or FHA loans with 3.5% down, trading a smaller upfront cost for mortgage insurance. Either way, budget another 2–5% of the price for closing costs. Use the calculator above to see how your down payment changes both the monthly payment and the total interest.
A mortgage is one piece of the cost of living in Rhode Island. Estimate your income with the Rhode Island paycheck guide, check local Rhode Island sales tax, and compare loan options with the loan calculator. For amortization tables, extra-payment scenarios, and PMI, open the full mortgage calculator.
On a median Rhode Island home of about $440,000 with 20% down at a 6.8% 30-year rate, the principal and interest is roughly $2,295/month. Adding Rhode Island's 1.21% property tax and insurance brings the total to about $2,867/month.
Rhode Island's average effective property-tax rate is about 1.21% of the home's value per year. On a $440,000 home that's roughly $5,324 a year, or $444 a month added to your payment.
A 20% down payment on a median Rhode Island home is about $88,000, though many loans allow 3–5% down (plus PMI). Budget for closing costs of roughly 2–5% of the price on top.
Use the loan amount, interest rate, and term for principal and interest, then add monthly property tax (home value × 1.21% ÷ 12) and insurance. The calculator above does the full PITI math for any numbers you enter.