Home and mortgage

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.

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Home priceDown paymentInterest rateStarts at this week's national averageLoan termProperty taxA year, as a share of the price; about 1% is typical, varying widely by countyHome insurance a yearMortgage insurance (PMI)A year, on the loan, only below 20% downHOA dues a month

Monthly payment$2,764.18The answer

Monthly payment

$2,764.18

A $404,000 home with 20% down ($323,200 borrowed) at 7.18% over 30 years costs about $2,764 a month: $2,189 principal and interest plus $575 of tax, insurance and dues.

Principal and interest: $2,189.47
Tax, insurance, PMI and HOA: $574.71
Total interest over the loan: $465,009

Amortization by year: $323,200 at 7.18%

Year	Interest	Principal	Balance
1	$23,102.76	$3,170.87	$320,029.13
2	$22,867.45	$3,406.18	$316,622.94
3	$22,614.67	$3,658.96	$312,963.98
4	$22,343.14	$3,930.49	$309,033.49
5	$22,051.46	$4,222.18	$304,811.31
6	$21,738.13	$4,535.51	$300,275.81
7	$21,401.54	$4,872.09	$295,403.72
8	$21,039.98	$5,233.65	$290,170.07
9	$20,651.59	$5,622.04	$284,548.03
10	$20,234.37	$6,039.26	$278,508.77
11	$19,786.20	$6,487.43	$272,021.33
12	$19,304.76	$6,968.87	$265,052.46
13	$18,787.60	$7,486.03	$257,566.43
14	$18,232.05	$8,041.58	$249,524.85
15	$17,635.28	$8,638.35	$240,886.50
16	$16,994.23	$9,279.40	$231,607.10
17	$16,305.60	$9,968.03	$221,639.06
18	$15,565.86	$10,707.77	$210,931.29
19	$14,771.23	$11,502.40	$199,428.90
20	$13,917.63	$12,356.00	$187,072.90
21	$13,000.69	$13,272.94	$173,799.95
22	$12,015.70	$14,257.94	$159,542.02
23	$10,957.61	$15,316.03	$144,225.99
24	$9,820.99	$16,452.64	$127,773.35
25	$8,600.03	$17,673.60	$110,099.75
26	$7,288.47	$18,985.17	$91,114.59
27	$5,879.57	$20,394.07	$70,720.52
28	$4,366.11	$21,907.52	$48,813.00
29	$2,740.34	$23,533.29	$25,279.71
30	$993.92	$25,279.71	$0.00

Download the schedule (CSV)

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 price	Principal and interest	Property tax	Total
$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.

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.

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Sources

Updated Sep 30, 2026 by the RateHerald team. The maths is tested against worked examples; report a problem.