Mortgage Calculator — Rhode Island
Pre-filled with Rhode Island's average home price of $400000, property tax rate of 1.4%, and average insurance of $1600/year. Adjust any value below.
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2 Monthly Costs (Rhode Island averages pre-filled)
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Rhode Island Housing Market
Rhode Island is the smallest state by area with a tight housing supply. Providence has seen significant revitalization driven by Brown University, RISD, and healthcare anchors. Proximity to Boston adds to demand from commuters.
Affordability in Rhode Island
High property taxes — averaging 1.4% — add substantially to monthly costs. A $400,000 home carries approximately $470/month in property taxes. Warwick and Cranston offer slightly more affordable options than Providence proper.
Key Markets
First-Time Buyer Programs in Rhode Island
FirstHomes
Below-market fixed-rate mortgage for first-time buyers, with income and price limits.
RIHousing Down Payment Assistance
Deferred loan toward down payment and closing costs, paired with a RIHousing first mortgage.
First Gen
Extra assistance for first-generation buyers whose parents did not own a home.
Programs are run by the RIHousing. Income limits, price limits and assistance amounts change often — confirm current terms with the agency or an approved lender.
Property Tax in Rhode Island
Rhode Island's property taxes are among the highest in the Northeast. Many towns, including Providence, offer homestead exemptions for owner-occupants. At Rhode Island's average effective rate of 1.4%, a $400,000 home pays roughly $5,600/year (about $467/month).
Rhode Island Conforming Loan Limit
In 2026, the conforming loan limit is $832,750 in most counties. Designated high-cost areas can go up to $1,249,125. Loans above the limit are jumbo loans and usually need a larger down payment.
Closing Costs in Rhode Island
Rhode Island's realty conveyance tax is $2.30 per $500 (0.46%) and is paid by the seller. A surcharge applies to the portion of a sale above $800,000. Buyers pay attorney, lender and title fees.
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