Rhode Island variant. This is a Rhode Island-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
With a median home value of $445,000 and an effective property tax rate of 1.4%, a typical Rhode Island mortgage payment combines principal, interest, taxes, and insurance into a meaningfully different number than the sticker price suggests.
What drives a Rhode Island mortgage payment
On the $445,000 median home with 20% down ($89,000), you'd finance about $356,000. At an illustrative 6.5% 30-year fixed rate, the principal-and-interest payment is roughly $2,250/month.
Rhode Island's 1.4% effective property tax adds about $519/month, and homeowners insurance plus any PMI push the all-in payment higher still. Enter your real price, rate, and down payment above for an exact figure.
About taxes and housing in Rhode Island
Rhode Island uses a graduated income tax with a top marginal rate near 6%.
Rhode Island's effective property tax rate is around 1.4%, with median home values near $445,000.
Rhode Island's economy is tied to healthcare, education, defense, and a maritime tradition along Narragansett Bay.
Worked example: $445,000 home in Rhode Island
Price $445,000, 20% down ($89,000), loan $356,000 at 6.5% for 30 years → P&I ≈ $2,250/mo. Add property tax ≈ $519/mo (1.4% of value ÷ 12). Total before insurance ≈ $2,769/mo.
Quick reference
- State income tax: 3.75-5.99% across 3 brackets
- State sales tax: 7% (plus 0.00% avg local)
- Median home value: $445,000
- Median household income: $81,854
- Effective property tax rate: 1.4%
- Avg auto insurance: $2,018/yr
Frequently Asked Questions
How much is a mortgage on a $445,000 Rhode Island home?
With 20% down at 6.5% over 30 years, principal and interest run about $2,250/month, before Rhode Island's 1.4% property tax and insurance.
What is the property tax rate in Rhode Island?
Rhode Island's effective property tax rate is about 1.4% of home value per year.