Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
Rhode Island mortgage costs
What a typical Rhode Island (RI) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $460,000 |
|---|---|
| 10% down payment | $46,000 |
| Loan amount | $414,000 |
| Principal & interest (30yr @ 6.75%) | $2,685/mo |
| Property tax (1.3%) | $498/mo |
| Homeowners insurance | $158/mo |
| PMI (until 20% equity) | $173/mo |
| Estimated total monthly | $3,514/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes Rhode Island different
Coastal wind deductibles are separate from the headline premium — check them before trusting an insurance quote.
Rhode Island is an expensive place to buy. The median $460,000 is the 13th highest in the country and $117,500 above the national median, putting a 20% deposit at roughly $92,000 before any closing costs.
A top state income tax rate of 5.99% makes mortgage interest and property tax deductions worth more here than in a no-income-tax state — though the $10,000 SALT cap limits how much of the $5,980 annual property tax bill actually reduces what you owe.
Property tax is the line that shapes a Rhode Island budget. The 1.30% effective rate is the 15th highest in the country, adding $498 a month on a median $460,000 home — $5,980 a year that never amortises away and rises with assessed value long after the loan is paid off.
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