Rhode Island · RI

Rhode Island Mortgage Calculator

Pre-filled for Rhode Island: median home price $460,000, average property tax rate 1.40%. Adjust any slider to make it yours.

Rhode Island housing at a glance

Median home price: $460,000
Effective property tax rate: 1.40% / yr
Annual property tax (median home): $6,440
Est. monthly tax escrow: $537
State income tax: Yes

Sources: regional housing data 2025 (median price), state assessor averages 2024–2025 (tax rate).

Buying a home in Rhode Island

The median home price in Rhode Island is around $460,000 and the effective property tax rate averages 1.40%of assessed value per year. Most lenders look for a debt-to-income (DTI) ratio under 43%, meaning your total monthly debt payments (including this mortgage) shouldn't exceed 43% of your gross income.

A 20% down payment on the median home in Rhode Island is $92,000. Putting down at least 20% eliminates private mortgage insurance (PMI), which typically adds 0.3–1.5% of the loan amount per year to your monthly payment.

Transfer tax & closing costs in Rhode Island

Rhode Island charges a real estate conveyance tax of $2.30 per $500 of price (0.46%), paid by seller.

Beyond transfer taxes, total closing costs in Rhode Islandtypically range from 2–5% of the purchase price — including lender origination fees, title insurance, appraisal, and prepaid interest. On the median home that's roughly $9,200–$23,000.

Foreclosure & legal context

Foreclosure type: Non-judicial (trustee sale)
Security instrument: Mortgage
Deficiency liability: Recourse

Rhode Island mortgage FAQ

What is the monthly mortgage payment for a median-priced home in Rhode Island?: At the current 30-year fixed rate of ~6.81%, a $460,000 home in Rhode Island with 20% down ($92,000) carries a principal-and-interest payment of ~$2,402/mo. Add property tax (~$537/mo at 1.40%) and homeowners insurance and your total is roughly $2,938/mo. Use the calculator above to adjust for your exact down payment and rate.
What is the property tax rate in Rhode Island?: The effective statewide property tax rate in Rhode Island averages 1.40% of assessed value per year. On a $460,000 home, that works out to roughly $6,440 per year ($537/mo). Individual county rates vary.
Does Rhode Island have a state income tax?: Yes, Rhode Island has a state income tax. This affects your net take-home pay and therefore your effective purchasing power — use our salary calculator to estimate what's left after tax.
What are the closing costs and transfer taxes in Rhode Island?: Rhode Island charges a real estate conveyance tax of $2.30 per $500 of price (0.46%), paid by seller.
What type of foreclosure does Rhode Island use?: Rhode Island uses non-judicial (trustee sale) foreclosure, which typically moves faster than court-supervised processes.

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