2026 data · 1.37% property tax · Median home $322,100
Rhode Island Mortgage Calculator
A median-priced home in Rhode Island ($322,100) costs roughly $2,232 per month all-in (PITI), assuming 20% down and a 30-year fixed at 7.0%. Rhode Island's effective property tax rate is 1.37% — close to the US average of about 1.0%.
Rhode Island median-home monthly payment
$2,232/mo
P&I $1,714 · Tax $368 · Insurance $150
@ $322,100 price, 20% down, 30-yr fixed at 7.0%
For a custom calculation with your specific numbers (different down payment, rate, term, or home price), use the main mortgage calculator — it includes a full amortization schedule.
Monthly payments at common home prices in Rhode Island
| Home price | 20% down | P&I | Prop tax | Insurance | Total PITI/mo |
|---|---|---|---|---|---|
| $200,000 | $40,000 | $1,064 | $228 | $93 | $1,386 |
| $300,000 | $60,000 | $1,597 | $343 | $140 | $2,079 |
| $322,100 (state median) | $64,420 | $1,714 | $368 | $150 | $2,232 |
| $400,000 | $80,000 | $2,129 | $457 | $187 | $2,772 |
| $500,000 | $100,000 | $2,661 | $571 | $233 | $3,465 |
| $750,000 | $150,000 | $3,992 | $856 | $350 | $5,198 |
Calculations use Rhode Island's 1.37% effective property tax rate, estimated homeowners insurance at 0.56%/year of home value, 30-year fixed at 7.0%, no PMI (20% down). Closing costs not included.
Rhode Island property tax
Effective rate
1.37%
Median home value
$322,100
Median property tax
$4,378/yr
Rhode Island has above-average property tax rates. Tax cap law limits annual local property tax levy increases to 4%. Homestead exemption available in some municipalities.
See our property tax calculator for a state-by-state property tax breakdown, and our Rhode Island paycheck calculator to estimate take-home pay against this monthly housing cost.
Rhode Island vs neighboring states
| State | Property tax rate | Median home | Median tax/yr | |
|---|---|---|---|---|
| Rhode Island (this page) | 1.37% | $322,100 | $4,378 | |
| Massachusetts | 1.12% | $498,700 | $5,618 | Massachusetts mortgage → |
| Connecticut | 1.96% | $313,200 | $6,476 | Connecticut mortgage → |
FAQs about Rhode Island mortgages
What is the property tax rate in Rhode Island?
Rhode Island's effective property tax rate is 1.37%, meaning the average homeowner pays roughly 1.37% of their home's value in property tax annually. On a $322,100 home (the state median), that's about $4,378 per year, or $365 per month added to your mortgage payment.
What is the average monthly mortgage payment in Rhode Island?
For a home at Rhode Island's median value of $322,100, assuming 20% down, a 30-year fixed mortgage at 7.0%, and Rhode Island's 1.37% property tax + estimated insurance, the typical monthly PITI payment is approximately $2,232. This includes $1,714 principal & interest, $368 property tax, and $150 homeowners insurance.
How much income do I need to buy a house in Rhode Island?
Using the standard 28% front-end DTI rule, you'd need annual income of approximately $95,657 to comfortably afford Rhode Island's median-priced home. Lenders typically allow up to 43% total DTI (including all debts), which corresponds to about $62,288 annual income at the maximum end. Your specific qualification depends on credit score, down payment, debts, and lender requirements.
Is Rhode Island a good state to buy a house?
Rhode Island's combination of 1.37% property tax (near the national average of ~1.0%) and median home value of $322,100 place it in the mid-range of state housing markets nationally. Rhode Island has above-average property tax rates.
How does Rhode Island property tax compare to neighboring states?
Rhode Island's 1.37% rate compares to: Massachusetts at 1.12%, Connecticut at 1.96%. Property taxes can differ substantially between bordering states — moving 30 miles across a state line can change your annual tax bill by thousands.
Does Rhode Island have a homestead exemption?
Rhode Island has above-average property tax rates. Tax cap law limits annual local property tax levy increases to 4%. Homestead exemption available in some municipalities.
What's included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four standard components of a mortgage payment. For your Rhode Island mortgage, the breakdown on a median-priced home would be: Principal & Interest $1,714, Property Tax $368, Homeowners Insurance $150. Add PMI if your down payment is under 20%, and HOA fees if your home is in a community with one.