Rhode Island is the smallest state in the nation but offers a diverse housing market driven by Providence's growing economy, the Newport luxury market, and spillover demand from Boston and Providence metros. With a median home price near $507,000 and a property tax rate of 1.53% above the national average, Rhode Island requires careful affordability analysis. However, the state offers some of the cheapest homeowners insurance on the East Coast at approximately $1,100 per year.
Calculate Your Monthly Payment
$
Select a program to apply FHA/VA/USDA rules.
Funding fee is often financed into the loan.
$
20.0% of home price
%
%
$
Used to estimate potential Year‑2 escrow shock if taxes reset after purchase.
$
%
Used for Conventional PMI estimates and FHA minimum down rules
$
$
Extra payments reduce balance faster and can end PMI sooner.
Total Monthly Payment
$0
Principal & Interest • Tax • Insurance • PMI • HOA
Principal & Interest
—
Property Tax
—
Insurance
—
PMI
—
HOA
—
Loan Amount
—
Upfront Fee (financed)
—
Principal & Interest
Property Tax
Home Insurance
PMI
Total Interest Paid
—
Total Principal + Interest
—
Year‑2 Payment Shock (Property Tax Reassessment)
Year‑1 property tax
—
Year‑2 estimate
—
Change
—
Note: This is an estimate. Tax timing, exemptions, and escrow rules vary by county and lender. Always verify with your county assessor and your lender’s escrow analysis.
Extra Payment Savings
New Payoff Time
—
Interest Saved
—
Time Saved
—
Year
Principal
Interest
Balance
Disclaimer: Results shown are estimates for educational purposes only and do not constitute financial, tax, legal, or investment advice. Actual payments vary based on lender, credit score, loan type, and local assessments. Consult a licensed mortgage professional for your specific situation.
Rhode Island Mortgage Calculator Guide
Buying a home in Rhode Island requires understanding local costs. The median home price in the state sits around $507,000, which means your down payment and loan amount will heavily dictate your monthly expenses. Because Rhode Island has an average property tax rate of 1.53%, factoring this into your monthly mortgage payment is essential for an accurate budget.
Beyond principal and interest, homeowners insurance in Rhode Island averages $1,100 per year. Local weather risks and property age can push this number higher. By using our pre-loaded local averages, you get a realistic view of your true housing costs rather than just a basic principal calculation.
If you put down less than 20%, you will also need to pay Private Mortgage Insurance (PMI). Adjust the down payment field above to see exactly how your PMI drops off once you reach that 20% equity threshold in Rhode Island.
Rhode Island's average property tax rate of 1.53% is above the national average of 1.07%. Rates vary significantly by municipality — Providence and Woonsocket carry higher rates, while East Greenwich and Barrington are lower. The state offers a Low and Moderate Income Housing exemption and a tax freeze program for qualifying seniors. On a $507,000 home, annual property taxes average approximately $7,757 — a significant monthly addition to carrying costs.
Frequently Asked Questions
Rhode Island's average property tax rate is 1.53%, above the national average of 1.07%. Rates vary significantly by municipality. On a $507,000 home, annual taxes average approximately $7,757. Despite above-average property taxes, Rhode Island's homeowners insurance is relatively cheap at around $1,100 per year.
Rhode Island's statewide median home price is approximately $507,000. Providence averages around $390,000, Warwick near $450,000, and Newport significantly higher at $780,000 due to its luxury and vacation market character. Rhode Island has seen strong appreciation from Boston overflow buyers.
RIHousing offers the FirstGenHomeRI program for first-generation homebuyers with up to $25,000 in down payment assistance, the Extra Assistance program providing $15,000 for qualifying buyers, and a 10K Down Payment Assistance program. Income and purchase price limits apply.
Providence offers strong value relative to Boston and other Northeast cities. The city has a vibrant arts scene, multiple universities, a growing healthcare sector, and a recovering restaurant and cultural scene. Home prices remain accessible relative to the broader region. Buyers should research neighborhood dynamics carefully, as Providence has significant variation in price, walkability, and school quality by area.
🍪 We use cookies only for analytics (Google Analytics, when enabled) and advertising (Google AdSense). No personal data is collected or sold. Cookie PolicyPrivacy Policy