Mortgage Calculator MLcalc

Mortgage Calculator /With Taxes and PMI /Rhode Island

Rhode Island Mortgage Calculator

Set to Rhode Island’s own property tax rate of 1.07% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($91,200)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$2,865
Monthly payment
$2,325
Principal & interest
$407
Taxes
$133
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $364,800 Interest paid $472,204
20262056
Total of 360 payments$1,031,254
Principal$364,800
Interest$472,204
Taxes$146,370
Insurance$47,880
HOA fees$0
P&I 81.2% Taxes 14.2% Insurance 4.6%
15- vs 30-year term at 6.58%
15-year
$3,194/mo P&I
$210,096 total interest
30-year · current
$2,325/mo P&I
$472,204 total interest
The 15-year term saves $262,108 in interest. Which term is right for you?

What these numbers come from

Median home value
$455,700
Median tax bill
$4,886
Effective tax rate
1.07%
Rank of 51
15th highest

Rhode Island taxes property at about 1.07% of value against 0.89% nationally. On a $456,000 home that is $68 a month more than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across Rhode Island home prices

20% down, 30-year fixed at 6.58%, with Rhode Island property tax of 1.07% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$273,000 $218,400 $1,392 $243 $1,715
$365,000 $292,000 $1,861 $325 $2,293
$456,000 median $364,800 $2,325 $407 $2,865
$570,000 $456,000 $2,906 $508 $3,581
$684,000 $547,200 $3,488 $610 $4,297

The gap between the P&I column and the last one is what a mortgage quote leaves out. In Rhode Island taxes alone add $407 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $325 $2,000 $540 $364,475
Sep $326 $1,999 $540 $364,149
Oct $328 $1,997 $540 $363,821
Nov $330 $1,995 $540 $363,491
Dec $332 $1,993 $540 $363,159
2026 $1,641 $9,984 $2,698 $363,159
Jan $334 $1,991 $540 $362,825
Feb $336 $1,989 $540 $362,489
Mar $337 $1,988 $540 $362,152
Apr $339 $1,986 $540 $361,813
May $341 $1,984 $540 $361,472
Jun $343 $1,982 $540 $361,129

Refinancing in Rhode Island

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

Rhode Island home loans in detail

Rhode Island Mortgage Overview

Rhode Island is a small state with just about 1 million people living there, but it's quaint and charming. The median home price is around $535,000 and about 60 percent of homes there are owner occupied.

If you're thinking of living in Rhode Island, here are your loan options to buy a home.

Rhode Island conventional loans

Good credit borrowers can get a conventional loan. This means a 660 credit score or higher. First-time homebuyers need just 3 percent down. If you owned a home before, you need 5 percent down. All borrowers need a debt ratio around 36 percent, but some lenders allow higher ratios. You'll pay mortgage insurance until you owe less than 80 percent of the home's value.

Rhode Island FHA loans

FHA loans are a good alternative to conventional loans. You need just a 580 credit score and 3.5 percent down. If you have a 500 - 579 credit score you can get approved with a 10 percent down payment. Down payment assistance funds and gift funds are allowed, but you may need to contribute some of your own money too. FHA loans have mortgage insurance for the life of the loan.

Rhode Island VA loans

Veterans can get 100 percent financing from VA lenders. All you need is a 620 credit score and proof of income. Lenders like a 2-year stable income history and proof you can afford the mortgage and your current bills. VA loans don't have mortgage insurance, but they do have an upfront funding fee.

Rhode Island USDA loans

If you want to live in a less populated area and make less than 115 percent of the area's median income, consider a USDA loan. You need a 640 credit score but don't need a down payment. USDA loan rates are low and the mortgage insurance you pay for the entire year is low too.

First-Time Homebuyer

Programs in Rhode Island

Extra Assistance

If you have a minimum credit score of 620 you may receive up to 6 percent of the sales price or $15,000, whichever is less. There aren't any fees, but it is a second mortgage with an interest rate equal to the rate of your first mortgage.

First Homes Tax Credit

First-time homebuyers can get a tax credit of 20 percent of the mortgage interest paid for the year up to $2,000. You must meet the income requirements and can claim the credit for the life of the loan.

Rhode Island mortgage FAQ

How much is property tax on a home in Rhode Island?
Rhode Island homeowners pay an effective property tax rate of about 1.07 percent of home value — the 15th highest of the 50 states and DC. On the state's median home value of $455,700 that works out to roughly $4,879 a year, or $407 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced Rhode Island home?
At $456,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $2,325 a month. Adding Rhode Island property tax of roughly $407 a month and an estimated $133 of homeowner insurance brings the full payment to around $2,865.
What mortgage programs can Rhode Island buyers choose from?
Rhode Island buyers can pick conventional loans (660 credit score, 3 percent down for first-time buyers), FHA loans (580 score with 3.5 percent down, or 500-579 with 10 percent down), VA loans giving veterans 100 percent financing with a 620 score, and USDA loans, which skip the down payment for buyers in less populated areas earning under 115 percent of the median income.
Does Rhode Island have first-time homebuyer assistance?
Yes. The Extra Assistance program provides a second mortgage worth up to 6 percent of the sales price toward your down payment for buyers with at least a 620 credit score, at an interest rate matching your first mortgage. The First Homes Tax Credit gives first-time buyers an annual tax credit of 20 percent of the mortgage interest paid, claimable for the life of the loan.
What credit score is needed to buy a home in Rhode Island?
Conventional loans generally want a 660 credit score or higher. FHA loans accept a 580 score with 3.5 percent down, or 500 to 579 with 10 percent down. VA loans require around 620, USDA loans about 640, and Rhode Island's Extra Assistance down payment program sets its own minimum of 620.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.