Rhode Island, RI

Rhode Island Mortgage Calculator

Estimate your complete monthly payment in Rhode Island including taxes, insurance & PMI

🏠 Avg Home Price: $360,000
🏛️ Property Tax: 1.63%
🛡️ Insurance: $1200/yr
📍 Largest City: Providence
Rhode Island Mortgage Calculator
Home Price
$50K$2M
Down Payment
3%60%
Interest Rate
1%15%
Loan Term
Property Tax (Annual)
Rhode Island avg: 1.63% — $5868/yr
Home Insurance (Annual)
Rhode Island avg: $1200/year
HOA Fees (Monthly)
PMI Rate
Required if down payment < 20%

Amortization Schedule

Show / Hide
YearPrincipal PaidInterest PaidRemaining Balance
Your Monthly Payment
$0
Principal · Interest · Taxes · Insurance
Principal & Interest—
Property Tax—
Home Insurance—
PMI—
HOA—
Loan Amount—
Total Interest—
Total Cost—
—
P&I share
Rhode Island Housing Market
  • 🏠
    Avg Home Price
    $360,000
  • 📈
    Property Tax
    1.63% annually
  • 🛡️
    Home Insurance
    $1200/year
  • 📍
    Major City
    Providence
  • 🗺️
    State Code
    RI
Rhode Island Mortgage Tips
  • ✅
    Get pre-approved before house hunting in Rhode Island
  • ✅
    Compare at least 3–5 lenders for best rate
  • ✅
    Check Rhode Island first-time buyer programs
  • ✅
    Budget 1.63% property tax into monthly costs
  • ✅
    Consider mortgage recast to lower payments
Current Rates 2026
  • 📊
    30-Year Fixed
    ~6.5% – 7.0%
  • 📊
    15-Year Fixed
    ~5.7% – 6.2%
  • 📊
    FHA Loan
    ~6.2% – 6.8%
  • 📊
    VA Loan
    ~5.9% – 6.4%
  • 📊
    Jumbo Loan
    ~6.8% – 7.4%

Rhode Island Mortgage Calculator – Complete 2026 Guide

Buying a home in Rhode Island is one of the most significant financial commitments you'll make. Whether you're a first-time homebuyer in Providence or refinancing an existing property, accurately estimating your monthly mortgage payment is essential for smart financial planning. Our Rhode Island Mortgage Calculator gives you a complete picture of your monthly costs — including principal, interest, property taxes at Rhode Island's 1.63% average rate, homeowners insurance, HOA fees, and PMI if applicable.

📌 Quick Estimate: On a $360,000 home in Rhode Island with 20% down ($72,000) and a 6.8% interest rate on a 30-year loan, your estimated monthly payment is approximately $2467/month (PITI — Principal, Interest, Taxes & Insurance).

How to Use the Rhode Island Mortgage Calculator

Simply enter your details into the calculator above. Here's what each field means for Rhode Island homebuyers:

  • Home Price: The purchase price. Average home price in Rhode Island is $360,000.
  • Down Payment: 20% = $72,000 — avoids PMI on your Rhode Island mortgage.
  • Interest Rate: 2026 average in Rhode Island is ~6.5%–7.0% for a 30-year fixed loan.
  • Loan Term: 30 years is most common for lower payments; 15 years saves interest.
  • Property Tax: Rhode Island averages 1.63% = $5868/year on a $360,000 home.
  • Home Insurance: Rhode Island average is $1200/year ($100/month).

Rhode Island Property Taxes Explained

Property taxes in Rhode Island are calculated as a percentage of your home's assessed value. Rhode Island's average effective rate of 1.63% means on a $360,000 home, you pay approximately $5868 per year or $489 per month in property taxes. Rates vary by county — always verify with your Rhode Island county assessor's office.

Monthly Cost Breakdown for Rhode Island

Payment ComponentMonthlyAnnual
Principal & Interest (6.8%, 30yr)$1878$22,536
Property Tax (1.63%)$489$5868
Home Insurance$100$1200
Total PITI Payment$2467$29,604

Income Needed to Buy a Home in Rhode Island

Lenders typically use the 28% front-end DTI rule — your total housing payment (PITI) should not exceed 28% of your gross monthly income.

  • Estimated monthly payment for average Rhode Island home: $2467
  • Required annual gross income (28% rule): $80,486
  • Assumes 20% down payment of $72,000 and 6.8% rate

Rhode Island Mortgage Rates 2026

Loan TypeAvg Rate (2026)Best For
30-Year Fixed6.5% – 7.0%Lower monthly payments
15-Year Fixed5.7% – 6.2%Pay off faster, save on interest
FHA 30-Year6.2% – 6.8%Lower credit, 3.5% down
VA Loan5.9% – 6.4%Veterans, 0% down
USDA Loan6.0% – 6.5%Rural Rhode Island, 0% down

Mortgage Recast vs Refinance in Rhode Island

If you already own a Rhode Island home and want a lower payment:

  • Refinance: New loan at potentially lower rate — requires full underwriting, appraisal, 2%–5% in closing costs.
  • Mortgage Recast: Lump-sum payment toward principal, re-amortized at same rate. Only $150–$500 fee. No credit check. Must have conventional loan.

🔄 Use our Free Mortgage Recast Calculator to see how much you could save on your Rhode Island mortgage.

Frequently Asked Questions

Everything you need to know about mortgages in Rhode Island

What is the average mortgage payment in Rhode Island?+
Based on Rhode Island's average home price of $360,000 with a 20% down payment ($72,000) and 6.8% on a 30-year mortgage, the estimated monthly PITI payment is $2467. This includes $1878 principal & interest, $489 property tax (1.63%), and $100 insurance. Your actual payment depends on your specific loan terms, credit score, and location within Rhode Island.
What is the property tax rate in Rhode Island?+
Rhode Island has an average effective property tax rate of 1.63% per year. On a $360,000 home that's $5868 per year ($489/month). County rates vary — check your local Rhode Island county assessor's office for the precise rate in your area.
How much down payment do I need in Rhode Island?+
For a $360,000 Rhode Island home your options are:
  • 3.5% FHA: $12,600 — requires PMI
  • 5% Conventional: $18,000 — requires PMI
  • 10%: $36,000 — lower PMI
  • 20%: $72,000 — no PMI!
  • 0% VA/USDA: $0 — for eligible veterans & rural areas
How much income do I need to afford a home in Rhode Island?+
Using the 28% debt-to-income rule, you need approximately $80,486 gross annual income to comfortably afford a $360,000 home in Rhode Island with 20% down. This means your monthly housing costs ($2467) don't exceed 28% of your gross monthly income. Your actual qualifying income may differ based on debt, credit score, and lender.
Can I use a mortgage recast in Rhode Island?+
Yes! Rhode Island homeowners with conventional loans (Fannie Mae/Freddie Mac) can recast their mortgage. Make a lump-sum principal payment (typically $5,000+ minimum), and your lender re-amortizes the balance at the same rate — lowering your monthly payment with a small fee ($150–$500). Note: FHA, VA, and USDA loans are generally not eligible for recasting in Rhode Island.
What is PMI and when is it required in Rhode Island?+
PMI (Private Mortgage Insurance) is required in Rhode Island when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year — on a $288,000 Rhode Island loan that's roughly $$360 per month. PMI is automatically removed once you reach 20% equity in your Rhode Island home. Use our PMI Calculator to estimate your exact cost.
30-year vs 15-year mortgage in Rhode Island — which is better?+
On a $288,000 Rhode Island loan:
  • 30-Year at 6.8%: ~$1878/month — lower payment, total interest: $388,080
  • 15-Year at 6.0%: ~$2,430/month — higher payment but saves tens of thousands in interest
Choose 30-year if cash flow is important. Choose 15-year if you want to build equity fast and save on interest.
What are current mortgage rates in Rhode Island for 2026?+
As of 2026, Rhode Island mortgage rates average:
  • 30-Year Fixed: ~6.5% – 7.0%
  • 15-Year Fixed: ~5.7% – 6.2%
  • FHA 30-Year: ~6.2% – 6.8%
  • VA Loan: ~5.9% – 6.4%
  • Jumbo: ~6.8% – 7.4%
Always compare quotes from multiple Rhode Island lenders. Even 0.25% difference can save thousands over your loan life.

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