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Rhode Island Mortgage Calculator

Your monthly mortgage payment in Rhode Island, with Rhode Island's effective property tax rate (1.21%) built in, at this week's average rate. The calculator starts at the state's median home value, $404,200.

A $404,000 home with 20% down ($323,200 borrowed) at 7.28% over 30 years costs about $2,786 a month: $2,211 principal and interest plus $575 of tax, insurance and dues.

Monthly payment
$2,786.08
Principal and interest
$2,211.37
Tax, insurance, PMI and HOA
$574.71
Total interest over the loan
$472,895
Loan balance and interest paid over 30 years at 7.28%$0$100k$200k$300k$400k$500k051015202530Years━Balance owed━Interest paid so far
Download the schedule (CSV)
Amortization by year: $323,200 at 7.28%
YearInterestPrincipalBalance
1$23,426.55$3,109.94$320,090.06
2$23,192.44$3,344.05$316,746.01
3$22,940.70$3,595.79$313,150.23
4$22,670.02$3,866.47$309,283.75
5$22,378.95$4,157.54$305,126.21
6$22,065.98$4,470.51$300,655.70
7$21,729.44$4,807.05$295,848.65
8$21,367.57$5,168.92$290,679.74
9$20,978.46$5,558.03$285,121.71
10$20,560.06$5,976.43$279,145.28
11$20,110.16$6,426.33$272,718.95
12$19,626.39$6,910.09$265,808.86
13$19,106.21$7,430.28$258,378.58
14$18,546.87$7,989.62$250,388.96
15$17,945.42$8,591.07$241,797.89
16$17,298.69$9,237.80$232,560.09
17$16,603.28$9,933.21$222,626.88
18$15,855.52$10,680.97$211,945.91
19$15,051.47$11,485.02$200,460.88
20$14,186.89$12,349.60$188,111.28
21$13,257.22$13,279.27$174,832.01
22$12,257.57$14,278.92$160,553.10
23$11,182.67$15,353.82$145,199.28
24$10,026.85$16,509.63$128,689.65
25$8,784.03$17,752.46$110,937.19
26$7,447.64$19,088.85$91,848.34
27$6,010.65$20,525.83$71,322.50
28$4,465.49$22,071.00$49,251.51
29$2,804.01$23,732.48$25,519.03
30$1,017.46$25,519.03$0.00

This week's mortgage rates →

Monthly payment in Rhode Island by home price (20% down, 7%, 30 years, 1.21% tax, $2,000 insurance)

Home pricePrincipal and interestProperty taxTotal
$200,000$1,064$202$1,433
$300,000$1,597$303$2,066
$400,000$2,129$404$2,700
$610,000$3,247$616$4,029
$810,000$4,311$818$5,296

How this calculator works

As the mortgage calculator, with Rhode Island's effective property tax rate from the Census Bureau's American Community Survey 2020–2024 5-year estimates: median taxes $4,900 ÷ median value $404,200.

What it assumes

  • Home insurance varies a lot by state and area; enter your quote.
  • County property tax rates differ from the state figure; see the county pages.

Questions people ask

What is the mortgage payment on a median home in Rhode Island?

On $404,200 with 20% down at 7% over 30 years: about $2,151 principal and interest and $408 of property tax, $2,726 a month with $2,000 a year of insurance.

What is the median home value in Rhode Island?

$404,200 for owner-occupied homes (Census American Community Survey 2020–2024 5-year estimates), against $332,700 nationally.

How much is property tax in Rhode Island?

The effective rate is 1.21%, a median $4,900 a year. See Rhode Island's property tax page for every county we cover.

How much income do I need for a median Rhode Island home?

Under the 28% guideline, about $116,838 a year for the payment above; Rhode Island's median household income is $87,796.

Mortgage calculator by state

Related calculators

  • Mortgage CalculatorYour full monthly mortgage payment: principal and interest, property tax, insurance, PMI and HOA dues, at this week's average rate, with a yearly amortization schedule.
  • Rhode Island Property Tax CalculatorRhode Island homeowners pay a median $4,900 a year in property tax, 1.21% of a median $404,200 home: the 15th highest effective rate of the 50 states and DC.
  • Home Affordability CalculatorThe home price your income supports under the 28/36 guideline lenders use, counting your other debts, down payment, taxes and insurance, at this week's average rate.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.