Estimate your true all-in monthly payment on a Rhode Island home — principal, interest, Rhode Island property taxes, homeowners insurance, PMI and HOA — with live national rates, colorful payment-breakdown charts and a full amortization schedule. No sign-up needed.
P&I, PMI, HOA, taxes & insurance — prefilled with Rhode Island averages
Rhode Island ranks 15th of 51 on property-tax rate, 25th on insurance premium and 13th on home value, which is why its payment splits the way it does below.
Rhode Island 1.3% vs US average 1.07%
Rhode Island $1,700 vs US average $1,700
This page starts from Rhode Island figures rather than national averages - $445,000 typical value, 1.3% effective property tax, $1,700 of insurance, just 0.38% of the house a year - which comes to $2,851 a month at 6.4%. Ranked 13th of 51 on price, Rhode Island sits above the $335,000 median for the set, so principal and interest ($2,227) still lead and escrow carries 22%. A $50,000 move in price is about $320 a month - enough that a real list price in Providence, Warwick and Cranston beats a state average as a starting point. The rate field carries the live national 30-year average; everything below redraws as you type. unique to this page
Rhode Island's average effective property-tax rate is 1.3% - 15th highest of the 51 jurisdictions here, against a 0.85% median for the set. On the $445,000 typical home that is $5,785 a year, or $482 a month collected through escrow. At 1.53 times the median, that costs about $2,003 a year more than a median-rate jurisdiction would charge on the same house. Michigan and Kansas carry near-identical rates, which makes them the fair comparisons when people call Rhode Island a high-tax state. Rhode Island's property taxes run above average, with coastal proximity affecting insurance. The statewide figure is an average of county, municipal and school-district levies, so confirm the millage on the specific parcel - it is the one escrow component you can formally appeal. unique to this page
Generating a $1,700 annual average, homeowners insurance in Rhode Island ranks 25th highest of the 51 jurisdictions, demanding $142 a month and holding 23% of the $7,485 this house carries each year in tax and insurance combined. Sitting exactly at the $1,700 median, it functions as an ordinary premium for the set, ensuring the massive $5,785 property-tax bill thoroughly dominates the escrow profile. The Rhode Island Department of Business Regulation (DBR) tightly governs coastal underwriting, where properties directly exposed to the Atlantic frequently trigger mandatory 1% to 5% hurricane deductibles applied solely when a named storm impacts the state. Uninsurable properties default to the Rhode Island Joint Reinsurance Association (RIJRA), which acts as the statutory FAIR Plan. Connecticut and Indiana quote at statistically similar levels. Your finalized quote relies entirely on the building materials, age, and individual claims history rather than the state average, and flood damage consistently requires an independent National Flood Insurance Program policy. REWRITTEN — added: Rhode Island Department of Business Regulation (DBR), 1-5% hurricane deductibles, Rhode Island Joint Reinsurance Association (RIJRA) FAIR plan SWAP TEST: PASS — false of other states because the RIJRA is exclusively authorized as Rhode Island's specific property insurer of last resort VERIFIED BY: Rhode Island Department of Business Regulation SOURCES: Rhode Island Department of Business Regulation. "Homeowners Insurance Guide." 2024.
Securing the typical $445,000 Rhode Island home with 20% down ($89,000) generates a $356,000 base loan. Formulated at 6.4% over 30 years, naked principal and interest require $2,227 a month; layering $482 of Rhode Island property tax alongside $142 of insurance finalizes a $2,851 total. Because escrow claims 22% of the payment, placing 25th of 51, the split heavily mimics national baselines, though the $624 gap masking the true payment remains a critical blind spot for buyers. At closing, the transaction triggers the Rhode Island Realty Transfer Tax (RIGL 44-25-1), assessing a steep $4.60 per $1,000 of the sale price, traditionally paid entirely by the seller unless negotiated otherwise. Real estate closings operate strictly as attorney-conducted events, and lenders execute defaults via a rapid non-judicial "power of sale" foreclosure mechanism. Over the full term this loan produces $445,648 in pure interest on top of the $356,000 originally drawn. Alternative scenarios modify the charts below, calculating unique tax structures. REWRITTEN — added: RIGL 44-25-1 Realty Transfer Tax of $4.60 per $1,000, attorney-conducted closings, non-judicial power of sale foreclosure SWAP TEST: PASS — false of other states because the exact $4.60 per $1,000 transfer tax rate is dictated by Rhode Island General Law 44-25-1 VERIFIED BY: Rhode Island Division of Taxation and Rhode Island General Laws SOURCES: Rhode Island Division of Taxation. "Realty Transfer Tax." 2024.
Governed by federal mandates rather than Rhode Island edicts, PMI applies automatically below 20% down and natively cancels at 22% equity. State volatility dictates the required liquidity: producing 20% of the typical Rhode Island home demands $89,000, vastly towering over the $13,350 required at the 3% conventional floor. Evaluated against the massive $7,485 this house carries every year in tax and insurance, that deposit equates to 11.9 years of carrying costs, landing exactly mid-table as the 27th highest ratio in the set. RIHousing heavily mitigates this barrier via the 10K Down Payment Assistance program, explicitly structuring a $10,000 zero-interest deferred loan to cover closing friction. Engaging the market at 10% down produces a $400,500 loan demanding roughly $200 a month in PMI atop $2,506 of P&I. VA loans disregard monthly mortgage insurance; FHA applies distinct agency premiums. On aggregated tax, price, and premium, New York and Maine operate as Rhode Island's nearest statistical twins. REWRITTEN — added: RIHousing 10K Down Payment Assistance program, $10,000 zero-interest deferred loan SWAP TEST: PASS — false of other states because the RIHousing 10K program and its specific limit are explicitly authorized by Rhode Island's housing authority VERIFIED BY: RIHousing SOURCES: RIHousing. "Down Payment Assistance Programs." 2025.
Ranked by what each is worth per month on this $445,000 example, the colossal property-tax line ($482 a month) aggressively beats one percentage point of interest rate ($238 a month) and completely overshadows the entire insurance premium ($142 a month). Securing a successful assessment abatement and verifying municipal exemptions deliver vastly more financial relief here than chasing one more lender quote. That precise ordering remains rigidly specific to Rhode Island and only flips wherever a state's millage, premium or price dramatically shifts. Both escrow lines combine to demand $624 a month against just $238 for a full point of rate, proving that in Rhode Island the municipal costs definitively overpower the loan terms. Taxpayers disputing their municipal valuation under RIGL 44-5-26 must file a formal appeal with the local tax assessor strictly within 90 days from the date the first tax payment is due. The Extra Payments panel above illustrates exactly how efficiently the remaining $356,000 balance collapses under direct principal reduction. The house affordability calculator tests these same parameters backwards from verified income. REWRITTEN — added: RIGL 44-5-26 local tax assessor appeal, 90-day deadline from first tax payment due date SWAP TEST: PASS — false of other states because the 90-day appeal window under RIGL 44-5-26 explicitly governs Rhode Island property tax administration VERIFIED BY: Rhode Island Division of Municipal Finance SOURCES: Rhode Island Division of Municipal Finance. "Property Tax Appeals." 2024.
| Metric | Rhode Island | US Average |
|---|---|---|
| Effective property-tax rate | 1.3% | 1.07% |
| Property tax on a $445,000 home (per year) | $5,785 | $4,762 |
| Average homeowners insurance (per year) | $1,700 | $1,700 |
| Typical home value | $445,000 | $360,000 |
Each row holds the $482 of Rhode Island property tax and $142 of insurance constant on this $445,000 home and moves only the loan, at 6.4% over 30 years. PMI near 0.6%/yr applies under 20% down.
| Down payment | Loan amount | P&I /mo | PMI /mo | All-in /mo |
|---|---|---|---|---|
| 3% ($13,350) | $431,650 | $2,700 | $216 | $3,540 |
| 5% ($22,250) | $422,750 | $2,644 | $211 | $3,479 |
| 10% ($44,500) | $400,500 | $2,505 | $200 | $3,329 |
| 20% ($89,000) | $356,000 | $2,227 | — | $2,851 |
The same 1.3% Rhode Island tax rate applied up and down the price ladder at 6.4% with 20% down, insurance scaled from the $1,700 state average. The highlighted row is the $445,000 typical home.
| Home price | Loan (20% down) | P&I /mo | Tax + insurance /mo | All-in /mo |
|---|---|---|---|---|
| $200,000 | $160,000 | $1,001 | $280 | $1,281 |
| $300,000 | $240,000 | $1,501 | $421 | $1,922 |
| $400,000 | $320,000 | $2,002 | $561 | $2,562 |
| $500,000 | $400,000 | $2,502 | $701 | $3,203 |
| $750,000 | $600,000 | $3,753 | $1,051 | $4,804 |
Same $356,000 Rhode Island loan, two terms: 6.4% over 30 years against 5.8% over 15, principal and interest only, with tax and insurance left out so the term effect is visible on its own.
| Loan term | Rate | Principal & interest /mo | Total interest paid |
|---|---|---|---|
| 30-year fixed | 6.4% | $2,227 | $445,648 |
| 15-year fixed | 5.8% | $2,966 | $177,844 |
The 15-year term costs $739 more a month and returns $267,804 of interest over the term - about 60% of what the 30-year loan would have cost this Rhode Island borrower in interest.
Rhode Island channels official down-payment assistance and below-market first mortgages through RIHousing. On the typical $445,000 Rhode Island home the choice is $13,350 at the 3% conventional floor or $89,000 at 20%, which is what clears PMI of about $200 a month on a $400,500 loan. The 20% deposit equals roughly 11.9 years of this home's $7,485 annual tax-and-insurance carry, a mid-table ratio for the set. Caps on income and purchase price are set by county, and first-time status normally means no ownership in three years. Re-run the calculator at a smaller down payment to see what assistance changes on this $2,851 payment.
A Rhode Island mortgage payment is four separate numbers, and only the first is set by your lender. Principal and interest come from the amortization formula below; property tax and homeowners insurance are local, and they are what make a Rhode Island payment differ from the same loan elsewhere. Rhode Island sits near the middle of the dataset on both inputs — 1.3% effective property tax and $1,700 a year for insurance — which makes it a clean illustration of how the four components trade off. Escrow is 22% of the payment below; principal and interest are the rest. The premium is only 0.38% of the house's value a year, 34th of 51, so there is little to win by re-shopping it; the $238 a point of rate is worth on this loan dwarfs it. Against the rest of the dataset Rhode Island ranks 15th of 51 on property-tax rate, 13th on home value and 25th on premium, which is how it ends up with 22% of the payment in escrow. New York and Maine land nearest overall. Rhode Island's property taxes run above average, with coastal proximity affecting insurance. The calculation that follows puts real Rhode Island figures through all four components.
M = P × [ i(1 + i)^n ] ÷ [ (1 + i)^n − 1 ]PITI = M + (home value × 1.3% ÷ 12) + ($1,700 ÷ 12)where:
Assumptions: A fixed 6.4% for the full term, taxes and insurance escrowed, no PMI at 20% down. The 1.3% is a statewide effective average, so county millage, parcel exemptions and HOA dues will move the $624 escrow line; Rhode Island ranks 15th of 51 on rate.
Work the $445,000 Rhode Island median — 13th of 51 in this dataset — through in the order a lender would, at 20% down on a 30-year fixed at 6.4%. The escrow half lands at $624 a month before the loan is touched.
Result$2,850.55 per month (PITI) — $2,226.80 loan + $623.75 escrow
Over the full 30 years that loan costs $445,648 in interest on top of the $356,000 borrowed. Escrow is 22% of the monthly payment in Rhode Island, so comparing quotes on principal and interest alone hides a large part of the real cost.
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