Rhode Island Mortgage Calculator

Calculate your monthly mortgage payment in Rhode Island. Pre-filled with Rhode Island's average property tax rate of 1.37%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$400
Homeowner's Insurance
$100
Total Monthly Payment
$2,269

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,269/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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Rhode Island Housing Overview

Rhode Island has an average property tax rate of 1.37%. Rhode Island's cost of living is about 7% above the national average, lower than its New England neighbors.

Property Tax: 1.37%Progressive rates up to 5.99%Partial Social Security exemptionAccess to regional job markets

Buying a Home in Rhode Island

If you're considering buying a home in Rhode Island, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills Rhode Island's average property tax rate of 1.37% to give you a more accurate estimate.

Rhode Island Property Taxes

Rhode Island has an average effective property tax rate of 1.37%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.37% rate means approximately $4795 per year, or $400 per month in property taxes alone.

Cost of Living in Rhode Island

Rhode Island's cost of living is about 7% above the national average, lower than its New England neighbors. When evaluating whether to buy a home in Rhode Island, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for Rhode Island Homebuyers

  • Rhode Island's top rate of 5.99% is moderate for New England
  • Rhode Island does not tax Social Security benefits below certain income thresholds
  • Rhode Island's small size means you're always close to Connecticut and Massachusetts job markets
  • Housing costs in Rhode Island are lower than neighboring Massachusetts and Connecticut

Key Rhode Island Features

  • Progressive rates up to 5.99%
  • Partial Social Security exemption
  • Access to regional job markets
  • Lower housing than neighbors

See How Your Rhode Island Mortgage Fits Your Financial Plan

This calculator shows your Rhode Island mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare Rhode Island Mortgage Costs with Other States

Massachusetts1.12% property taxConnecticut1.98% property taxTexas1.80% property taxFlorida0.89% property taxTennessee0.66% property tax

Frequently Asked Questions

What is the average property tax rate in Rhode Island?
The average effective property tax rate in Rhode Island is approximately 1.37%. This rate is applied to the assessed value of your property, which may differ from the market value depending on Rhode Island's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in Rhode Island?
Your mortgage payment in Rhode Island depends on the home price, your down payment, interest rate, and loan term. With Rhode Island's average property tax rate of 1.37%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is Rhode Island an affordable state to buy a home?
Rhode Island's cost of living is about 7% above the national average, lower than its New England neighbors. When evaluating affordability in Rhode Island, consider not just the home price but also property taxes (1.37% average), homeowner's insurance costs, and any HOA fees common in your area.
How do Rhode Island property taxes compare to other states?
Rhode Island's average property tax rate of 1.37% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in Rhode Island?
Most states, including Rhode Island, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with Rhode Island's housing authority and the FHA, VA, and USDA loan programs for additional options.

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