CALCMONEY // MORTGAGE // RI
Calculate your monthly mortgage payment using Rhode Island-specific property tax rates, current average interest rates, and local median home prices.
Open Full Calculator$425,000
7%
1.63%
3.75%–5.99%
How today's 7% rate compares to recent years
| Period | 30-Yr Rate | vs. Today |
|---|---|---|
| 2026 (current) | 7% | — |
| 2024 avg | 7.42% | -0.42% |
| 2023 avg | 7.85% | -0.85% |
| 2022 peak | 7.68% | -0.68% |
| 2021 avg | 3.60% | +3.40% |
| 2020 avg | 3.40% | +3.60% |
Rate estimates based on Freddie Mac Primary Mortgage Market Survey national averages adjusted for Rhode Island market conditions. Actual rates vary by lender and borrower profile.
| Principal & Interest | $2,262 |
| Property Tax | $577 |
| Homeowners Insurance (est.) | $142 |
| Total Monthly Payment (PITI) | $2,981 |
$85,000
$474,330
$127,757/yr
The median home price in Rhode Island is $425,000, above the national median of $420,000. With a median household income of $71,200, the price-to-income ratio is 6.0x.
Property taxes in Rhode Island average 1.63% of assessed value. On the median home, that is $6,928 per year, or $577 per month added to your mortgage payment. This is significantly above the national average of 1.1%, making property taxes a major factor in your total housing cost.
Rhode Island has a state income tax of 3.75%–5.99%. Factor this into your take-home pay when calculating how much mortgage you can afford.
The cost of living index in Rhode Island is 107 (national average = 100). Everyday expenses beyond housing are close to the national average.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $340,000 loan saves $15,300 in interest over 30 years.
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