Rhode Island Mortgage Calculator 2026

Calculate your monthly mortgage payment for a home in Rhode Island (RI). The median home price in Rhode Island is $368,800, with an effective property tax rate of 1.32% (ranked #13 nationally). Use our free calculator to compare FHA, VA, USDA, and conventional loan options with real Rhode Island data.

Rhode Island Property Tax Information

Rhode Island has an effective property tax rate of 1.32%, ranking #13 among all 50 states. The median annual property tax is $4,854 ($405/month). Source: Tax Foundation 2025.

Rhode Island Loan Limits 2026

FHA loan limit in Rhode Island: $524,225 (floor) to $1,209,750 (ceiling for high-cost areas). Conforming loan limit: $806,500 (baseline) to $1,209,750 (ceiling). Rhode Island has designated high-cost areas with higher limits.

Estimated Monthly Payment in Rhode Island

For a median-priced home of $368,800 with 20% down ($73,760), at 6.5% interest over 30 years: estimated monthly principal and interest is $1,865, plus $405 in property taxes and approximately $125 in homeowner's insurance, for a total estimated payment of approximately $2,395/month.

Rhode Island Closing Costs

Average closing costs in Rhode Island are $3,810 (0.75% of purchase price), ranked #22 nationally. Rhode Island charges a transfer tax on real estate transactions. Source: Bankrate/LodeStar 2025.

Rhode Island Housing Market 2026

Home prices in Rhode Island have increased 6.5% year-over-year. Average days on market: 22. Inventory level: low. Currently considered a seller's market.

Down Payment Assistance Programs in Rhode Island

Rhode Island offers 3 down payment assistance programs through Rhode Island Housing (RIHousing):

  • Extra Assistance (forgivable loan): Forgivable over 10 years. Higher amounts for targeted areas. - Up to Up to 6% of purchase price
  • 10kDPA (forgivable loan): Flat $10,000 forgivable over 5 years. - Up to $10,000
  • FirstGenHomeRI (forgivable loan): For first-generation homebuyers. Forgivable over time. - Up to Up to $25,000

Contact RIHousing: https://www.rihousing.com | Phone: 401-457-1234

Did You Know About Rhode Island?

  • Rhode Island offers first-generation buyer programs with $25,000
  • All counties have high-cost loan limits
  • Boston proximity drives demand and prices
  • Transfer tax is $4.60 per $1,000 of value

Frequently Asked Questions About Buying a Home in Rhode Island

What is the average property tax rate in Rhode Island?

The effective property tax rate in Rhode Island is 1.32%, with a median annual tax of $4,854. This ranks #13 among all states.

What are the FHA loan limits in Rhode Island for 2026?

The FHA loan floor in Rhode Island is $524,225 and the ceiling is $1,209,750 for high-cost areas. The conforming loan limit baseline is $806,500.

How much are closing costs in Rhode Island?

Average closing costs in Rhode Island are $3,810, which is approximately 0.75% of the purchase price.

Are there first-time homebuyer programs in Rhode Island?

Yes, Rhode Island offers 3 down payment assistance programs through Rhode Island Housing, including grants, forgivable loans, and second mortgages.

Is Rhode Island a good place to buy a home in 2026?

With a median home price of $368,800 and low inventory, Rhode Island is currently a seller's market. Home prices have increased 6.5% over the past year.

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Data last updated: 2025-11. This information is for educational purposes only and should not be considered financial advice.