Rhode Island Mortgage Calculator
Estimate your monthly mortgage payment in Rhode Island with state-specific property tax, insurance, and homestead data pre-loaded. Median home value in Rhode Island is $470,000 with an effective property tax rate of 1.4%.
Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI.
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| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $28,518.96 | $4,202.70 | $24,316.26 | $371,797.30 |
| 1 | $2,376.58 | $339.91 | $2,036.67 | $375,660.09 |
| 2 | $2,376.58 | $341.75 | $2,034.83 | $375,318.34 |
| 3 | $2,376.58 | $343.61 | $2,032.97 | $374,974.73 |
| 4 | $2,376.58 | $345.47 | $2,031.11 | $374,629.26 |
| 5 | $2,376.58 | $347.34 | $2,029.24 | $374,281.92 |
| 6 | $2,376.58 | $349.22 | $2,027.36 | $373,932.70 |
| 7 | $2,376.58 | $351.11 | $2,025.47 | $373,581.59 |
| 8 | $2,376.58 | $353.01 | $2,023.57 | $373,228.58 |
| 9 | $2,376.58 | $354.93 | $2,021.65 | $372,873.65 |
| 10 | $2,376.58 | $356.85 | $2,019.73 | $372,516.80 |
| 11 | $2,376.58 | $358.78 | $2,017.80 | $372,158.02 |
| 12 | $2,376.58 | $360.72 | $2,015.86 | $371,797.30 |
Year 2 | $28,518.96 | $4,484.18 | $24,034.78 | $367,313.12 |
Year 3 | $28,518.96 | $4,784.49 | $23,734.47 | $362,528.63 |
Year 4 | $28,518.96 | $5,104.90 | $23,414.06 | $357,423.73 |
Year 5 | $28,518.96 | $5,446.79 | $23,072.17 | $351,976.94 |
What is a Mortgage Calculator?
A mortgage calculator helps you estimate your total monthly housing payment, including principal, interest, property taxes, home insurance, and private mortgage insurance (PMI). This gives you a complete picture of what homeownership will cost each month.
Unlike a simple loan calculator, a mortgage calculator accounts for additional costs that come with buying a home. Property taxes and insurance are typically required by lenders to be included in your monthly payment through an escrow account.
All calculations happen in your browser. No financial data is sent to any server, so your information stays completely private.
Rhode Island Housing Snapshot
| Median Home Value | $470,000 |
| Effective Property Tax Rate | 1.4% |
| Estimated Annual Property Tax | $6,580 |
| State Income Tax | Up to 5.99% |
| Homestead Exemption | Varies by municipality; Providence offers up to 50% reduction on owner-occupied |
| Avg Homeowners Insurance | $1,325/yr |
| Transfer & Recording Taxes | Real estate conveyance tax $2.30 per $500 (0.46%) paid by seller |
What Makes Buying in Rhode Island Different
Rhode Island is the smallest US state geographically but has a complex property tax landscape with 39 cities and towns each setting their own rates and homestead exemption policies. The statewide effective rate is 1.40% on a median $470,000 home, with significant variation: Providence has a relatively high mill rate but offers up to 50% owner-occupied tax reduction, while affluent towns like East Greenwich and Barrington have lower headline rates but higher assessed values. Newport stands apart as a luxury and second-home market with median values above $925,000. State income tax tops at 5.99%, moderate for New England. The state conveyance tax is $2.30 per $500 (0.46%), paid by the seller. Insurance averages $1,325 per year. Coastal properties (Newport, South County, Block Island) carry hurricane exposure and significantly higher premiums than inland Providence County. The state has its own first-time homebuyer programs through Rhode Island Housing including down payment assistance and below-market mortgage rates.
Top Cities in Rhode Island
| City | Median Home Value |
|---|---|
| Providence | $395,000 |
| Warwick | $425,000 |
| Cranston | $425,000 |
| Pawtucket | $365,000 |
| Newport | $925,000 |
Rhode Island's 39 cities and towns each set their own property tax rates and homestead policies. Providence has higher headline mill rates but offers owner-occupant tax reductions up to 50%. Affluent shore towns like Barrington and East Greenwich have lower mill rates but higher property values. Always check the specific town's rates and exemptions when comparing Rhode Island homes; the same dollar amount of home value can produce very different bills.
Yes. Rhode Island Housing offers FirstHomes100 (below-market mortgage rates), 10kHomes (forgivable down payment assistance up to $10,000), and Extra Assistance grants for closing costs. Income and price limits apply. These programs can be combined with FHA, VA, or conventional loans. Rhode Island also has a Mortgage Credit Certificate program providing federal tax credit on mortgage interest.
Newport functions as a luxury, second-home, and historic destination market separate from the rest of Rhode Island. Median home value above $925,000 is roughly double the state average. The Gilded Age architecture, sailing culture, and tourism economy support the premium pricing. Year-round residency is a small fraction of the local property base; many homes are summer or weekend properties owned by Boston, New York, and international buyers.
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Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.