Mortgage for Rhode Island (2026)
Rhode Island (RI) Key Facts
Median Home Price
$420,000
Average Property Tax Rate
1.63%
Average Home Insurance Rate
0.6%
Estimated Monthly Payment
$3,232
First Time Buyer Programs
2
How This Calculator Works in Rhode Island
This mortgage calculator lets you estimate your monthly payment on a Rhode Island home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with Rhode Island's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
Rhode Island Overview
Rhode Island has a median home price of approximately $410K, with an average property tax rate of 1.63% and homeowners insurance averaging 0.6% annually. Real estate conveyance tax of $2.30 per $500. RIHousing FirstHomes program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How Rhode Island Compares
Compared to neighboring states, Rhode Island's median home price of $420,000 is in line with the national median of about $420,000. Nearby Massachusetts has a median price of $570,000 with a 1.23% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| Massachusetts | $570,000 | Median home price is $570,000 with a 1.23% property tax rate. Estimated monthly mortgage payment is about $4,173. |
| Connecticut | $380,000 | Median home price is $380,000 with a 2.15% property tax rate. Estimated monthly mortgage payment is about $3,089. |
| New York | $420,000 | Median home price is $420,000 with a 1.72% property tax rate. Estimated monthly mortgage payment is about $3,246. |
The median home price in Rhode Island is $420,000, compared to the national median of approximately $420,000. With a 1.63% average property tax rate and 0.6% insurance rate, Rhode Island homeowners can expect an estimated monthly payment of about $3,232 on a median-priced home with 10% down at 6.75% interest.
Tips for Rhode Island Residents
- 1Rhode Island has a median home price around $410K. Real estate conveyance tax of $2.30 per $500. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in Rhode Island average 1.63%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore RIHousing FirstHomes program for potential down payment assistance and favorable rates. Rhode Island also offers RIHousing 10KDPA. Check income limits and eligibility early in your home search.
- 4Higher costs than national median; conveyance tax adds to closing costs. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Small state with varied coastal and inland markets. A 0.25% rate difference on a $420K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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