Rhode Island Mortgage Calculator 2026
Rhode Island is the smallest state but has a surprisingly dynamic housing market, driven by Providence's growing arts, tech, and healthcare sectors and its proximity to Boston. Above-average property taxes (1.63%) are an important factor in calculating your total monthly payment.
Calculate Your Rhode Island Mortgage Payment
Pre-filled with Rhode Island averages — adjust any value to match your situation.
= $86,000 down
Estimated Monthly Payment Breakdown
Based on $430,000 home price, 20% down, 30-year fixed at 7.25%.
Rhode Island Property Taxes & Income Tax
Rhode Island's 1.63% property tax rate is above the national average — on a $430,000 home, about $585/month. Rates vary significantly by municipality. Rhode Island's income tax tops out at 5.99%. The state has been working to improve its tax competitiveness.
Rhode Island Homeowners Insurance
Rhode Island's coastal location creates flood and hurricane risk, particularly in coastal communities. Flood insurance is required in FEMA flood zones. Standard insurance averages $1,100–$1,500/year. Budget $90–$130/month.
Rhode Island Housing Market Overview
Providence has emerged as a growing hub for arts, tech, and healthcare, attracting young professionals priced out of Boston. Newport is a premium coastal market. The state's proximity to Boston (about 1 hour) makes it attractive for buyers seeking lower prices with Boston access. Tight inventory has kept prices elevated.
Frequently Asked Questions
What is the average mortgage payment in Rhode Island?
Based on Rhode Island's median home price of $430,000, a 20% down payment, and a 30-year fixed rate of 7.25%, the estimated total monthly payment (PITI) is approximately $3,039/month.
What is the conforming loan limit in Rhode Island?
The conforming loan limit in Rhode Island is $766,550. Loans above this amount are jumbo loans requiring stronger credit and larger down payments.
Are VA loans available in Rhode Island?
Yes — eligible veterans, active-duty service members, and surviving spouses can use VA loans in Rhode Island with no down payment and no PMI. The VA loan limit in Rhode Island is $766,550.
Rhode Island Loan Limits
Rhode Island Homebuyer Programs
Below-market interest rate mortgages with optional down payment assistance for qualifying first-time homebuyers in Rhode Island.
Learn more →Loan Types Available
Compare Neighboring States
Get Pre-Approved Today
See what you qualify for in Rhode Island with current rates.
Calculate My Payment