Rhode Island Mortgage Calculator
Calculate your Rhode Island mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Providence, Warwick, Cranston, Pawtucket, East Providence, and all of Rhode Island.
Useful for home buyers in Providence, Warwick, Cranston, Pawtucket, East Providence, and all of Rhode Island.
Why use a Rhode Island Mortgage Calculator?
Rhode Island has specific property tax rates and recording tax considerations. This calculator estimates your payment, PMI, property tax, and closing costs.
Rhode Island has specific property tax rates and recording tax considerations. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Rhode Island Property Tax: The average effective property tax rate is about 1.53%. Closing costs in Rhode Island are typically 2-5% of the purchase price.
Average Home Prices in Major Rhode Island Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Providence | $425,000 | $375,000 | $340,000 | $290,000 |
| Warwick | $380,000 | $340,000 | $310,000 | $275,000 |
| Cranston | $400,000 | $360,000 | $325,000 | $280,000 |
| Pawtucket | $350,000 | $320,000 | $290,000 | $260,000 |
| East Providence | $370,000 | $335,000 | $305,000 | $270,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Rhode Island
- Property Tax: Rhode Island's average effective property tax rate is about 1.53%. Property taxes are paid quarterly or semi-annually and may be included in your monthly payment.
- Recording Tax: Rhode Island charges a real estate conveyance tax of $2.30 per $500 of property value (0.46%), typically paid by the seller.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Rhode Island's closing costs include title insurance, attorney fees, and other expenses.
Example: On a $400,000 home with 10% down in Providence, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
Rhode Island's average effective property tax rate is about 1.53% of the home's value, though this varies by municipality. Property taxes in Rhode Island are higher than the national average and are based on the assessed value of the property.
Yes, Rhode Island has a real estate conveyance tax of $2.30 per $500 of property value (0.46%). This tax is typically paid by the seller, but it can be negotiated in the purchase agreement.
Yes, Rhode Island Housing offers programs for first-time homebuyers, including down payment assistance up to $15,000, reduced interest rates, and special mortgage products. First-time homebuyers may also qualify for the FirstHomes Tax Credit program, which provides a tax credit of up to $2,000 per year.