Calculate Your Rhode Island Mortgage Payment
Our calculator is pre-filled with Rhode Island's median home price and property tax rate. Adjust the numbers to match your situation.
Open Calculator with RI DefaultsMonthly Payment Breakdown for Rhode Island
Here's what your monthly payment looks like on the median Rhode Island home ($517,078) with 20% down at 6.67%, the current average 30-year rate:
Note: This estimate assumes 20% down payment ($103,416), no PMI. With less than 20% down, add $172-$345/month for PMI.
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Rhode Island Property Taxes
Rhode Island's effective property tax rate is 1.05%, which is above the national average of 0.89%. See how property taxes are calculated and how they compare across states.
Annual Property Tax on $517,078 Home
$5,429
($452/month escrowed)
Buying a Home in Rhode Island: Key Facts
- Property tax rate of 1.05% is above national average
- Smallest state but competitive housing market
- RIHousing First Down provides up to $17,500 in assistance
- Proximity to Boston drives demand in northern Rhode Island
Mortgage Calculators for Nearby States
Comparing homes across state lines? Check property taxes and home prices in neighboring states:
Rhode Island First-Time Homebuyer Programs
Rhode Island has 20 homebuyer assistance programs that can help with down payment and closing costs.
RIHousing First Down
Up to $17,500 in down payment assistance
Forgivable LoanRIHousing Homeowner Programs
Below-market 30-year fixed rates
Low-Interest MortgageExtra Assistance Program
Up to 6% for low-income buyers
Forgivable LoanEligibility requirements typically include income limits, credit score minimums (usually 620+), and homebuyer education courses. Visit DownPaymentResource.com to search for programs you may qualify for.
Major Cities in Rhode Island
Home prices and property taxes can vary significantly by city. The median home value of $517,078 is a statewide estimate.
Rhode Island Mortgage FAQ
What is the property tax rate in Rhode Island?
The average effective property tax rate in Rhode Island is 1.05%. On a $517,078 home, that's approximately $5,429 per year or $452 per month added to your mortgage payment.
What is the median home value in Rhode Island?
The median home value in Rhode Island is $517,078 as of 2026-06-01. Prices vary by location - Providence and Warwick typically have higher prices than rural areas.
Are there first-time homebuyer programs in Rhode Island?
Yes, Rhode Island has 20 homebuyer assistance programs. Popular options include RIHousing First Down, which offers up to $17,500 in down payment assistance.
How much do I need to buy a house in Rhode Island?
For the median Rhode Island home ($517,078), you'd need $103,416 for a 20% down payment, plus $15,512-$25,854 for closing costs. With down payment assistance, you could potentially buy with as little as $18,098 (3.5% FHA down payment).
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Calculate Your RI Mortgage Payment