Rhode Island mortgage calculator
Estimate your monthly payment for a home in Rhode Island, with property tax at the state average of 1.21% and home insurance included. Rates use the 7.4% national 30-year average from Freddie Mac (week of October 8, 2026).
Estimated monthly payment
- Loan amount
- $323,360
- Down payment
- $80,840
- Interest over 30 years
- $482,637
- Income needed (28% guideline)
- $119,194 a year
Estimate only. Mortgage insurance (PMI) is added when the down payment is under 20%. Real taxes, insurance and lender fees vary by property.
How this is calculated. Principal and interest use the standard fixed-rate loan formula. Property tax uses the Rhode Island average effective rate: the median real estate tax paid divided by the median home value. Home insurance is a general estimate that you can change.
Sources: Freddie Mac mortgage rate survey, week of October 8, 2026; U.S. Census Bureau American Community Survey, 2020–2024. Updated October 2026. Full methodology.
What a typical home costs per month in Rhode Island
A home valued at the Rhode Island median of $404,200 (the Census Bureau's figure for owner-occupied homes), bought with 20% down at 7.4% over 30 years, comes to about $2,781 a month. That is $2,239 in principal and interest, $408 in property tax and $135 in insurance.
Over a year that is 38.0% of the state's median household income of $87,796. Keeping housing costs near 28% of gross income would take a household income of about $119,194.
Property tax in Rhode Island
Rhode Island has the 15th highest effective property tax rate of the 50 states at 1.21%, above the typical state rate of 0.80%. The median Rhode Island homeowner pays $4,900 a year.
| Home price | Tax per year | Tax per month |
|---|---|---|
| $200,000 | $2,425 | $202 |
| $300,000 | $3,637 | $303 |
| $400,000 | $4,849 | $404 |
| $500,000 | $6,061 | $505 |
| $750,000 | $9,092 | $758 |
These figures apply the statewide average rate. Rates differ between counties and taxing districts, and some homes qualify for exemptions.
States with similar property tax rates
- Pennsylvania1.30% (12th highest)
- Kansas1.29% (13th highest)
- Michigan1.25% (14th highest)
- Alaska1.11% (16th highest)
- Massachusetts1.07% (17th highest)
- South Dakota1.06% (18th highest)
Questions about Rhode Island mortgage payments
What is the property tax rate in Rhode Island?
The average effective property tax rate in Rhode Island is 1.21%. Census Bureau data shows homeowners paid a median of $4,900 a year on homes with a median value of $404,200. Your own rate depends on your county, city and school district.
How much is the monthly mortgage payment on a median-value home in Rhode Island?
About $2,781 a month including property tax and insurance, assuming 20% down at 7.4% on a 30-year loan. Principal and interest alone come to $2,239.
How much income do I need to buy a home in Rhode Island?
A common guideline keeps housing costs under 28% of gross income. For the median-value home above, that works out to about $119,194 a year. Lenders also look at debts, credit score and savings, so your own number may differ.
Does this calculator include property tax and insurance?
Yes. It adds property tax at 1.21% of the home price and home insurance at 0.4% of the home price as a starting estimate. Change either number to match a real quote. Mortgage insurance is added automatically when the down payment is under 20%.
Last updated October 2026. See the methodology for sources and limits.