Mortgage Calculator in Rhode Island

Calculate your monthly mortgage payment in Rhode Island using the 2026 median home price of $487K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Rhode Island combines a relatively small geographic footprint with housing prices that reflect New England demand, pushing the median to $487,000. Providence and its surrounding suburbs drive much of that price, while smaller coastal communities command even more. Property taxes average 1.63% annually, adding roughly $7,939 per year in carrying costs on a median-priced home — one of the higher property tax burdens in this group. Closing costs average 2.0% of the purchase price, adding about $9,740 upfront on a $487,000 home. First-time buyers can turn to the FirstHomes Tax Credit for ongoing interest savings, and the RIHMFC Extra Assistance program provides direct down payment and closing cost support. A standard 10% down payment equals $48,700 in cash, a significant savings milestone before factoring in closing costs. The average mortgage rate of 6.51% aligns with national averages, so rate shopping remains important for reducing long-term costs. The mortgage calculator helps Rhode Island buyers model the full monthly cost — principal, interest, taxes, and insurance — against their budget before committing to a purchase price.

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Rhode Island's average mortgage rate of 6.51% and median home price of $487K produce a monthly P&I of approximately $2,773 before taxes and insurance.

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Rhode Island Housing Market at a Glance (2026)

$487K

Median Home Price

6.51%

Avg Mortgage Rate

1.63%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in Rhode Island: Costs to Know

Average closing costs2% of purchase price

On a $487K home, closing costs â‰ˆ$9,740

Median household income$83,504/yr

State income tax (top rate)5.99%

First-Time Buyer Programs in Rhode Island

Rhode Island offers state-sponsored programs that can reduce your down payment or closing costs:

✓FirstHomes Tax Credit
✓RIHMFC Extra Assistance

How Mortgage Payments Work in Rhode Island

A standard mortgage payment in Rhode Island is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $487K home in Rhode Island with a 10% down payment at 6.51% over 30 years, your principal and interest payment comes to approximately $2,773/month— not including property taxes or homeowner's insurance.

Rhode Island's property tax rate of 1.63% adds roughly $662/month to your total housing cost on a $487K home. This rate is above the national average of ~1.1%, so factor it carefully into your budget.

Rhode Island vs. National Average

Metric	Rhode Island	National Avg
Median Home Price	$487,000	$420,000
Property Tax Rate	1.63%	1.07%
Avg Mortgage Rate	6.51%	6.85%
Cost of Living Index	110.7	100

Questions You Might Ask — Mortgage Calculator in Rhode Island

What is the average mortgage payment in Rhode Island?

Based on the median home price of $487K in Rhode Island with a 10% down payment and 6.51% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $2,773. Adding property taxes (~$662/mo) and homeowner's insurance, total PITI is typically $3,585–$3,685/month.

What is the property tax rate in Rhode Island?

Rhode Island has an average effective property tax rate of 1.63%. On the median home price of $487K, that equals roughly $7,938 per year — or $662 added to your monthly mortgage payment. This is above the national average of ~1.1%, so budget carefully.

How much down payment do I need to buy a home in Rhode Island?

The typical down payment in Rhode Island is 10% — about $48,700 on the median $487K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like FirstHomes Tax Credit.

What are closing costs in Rhode Island?

Average closing costs in Rhode Island are approximately 2% of the purchase price — about $9,740 on the median $487K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in Rhode Island?

To afford the $487K median home in Rhode Island under the 28% housing-cost rule, you need a gross monthly income of at least $12,804 — roughly $154K/year. The median household income in Rhode Island is $83,504.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.