CALCMONEY // MORTGAGE // RI // PROVIDENCE
Calculate your monthly mortgage payment using Providence-specific property tax rates and local market data.
$365,000
6.95%
1.37%
120
| Principal & Interest | $1,933 |
| Property Tax | $417 |
| Homeowners Insurance (est.) | $122 |
| Total Monthly Payment (PITI) | $2,471 |
$73,000
$403,840
$105,911/yr
The median home price in Providence is $365,000, near the national median of $420,000. With a median household income of $58,000, the price-to-income ratio is 6.3x — meaning buyers typically spend 6.3 years of gross income on the purchase price.
Property taxes in Providence run 1.37% of assessed value. On the median home, that is $5,001 per year, or $417 per month added to your mortgage payment. This is close to the national average of 1.1%.
Rhode Island has a state income tax. Factor your take-home pay into how much mortgage you can comfortably carry each month.
The cost of living index in Providence is 120 (national average = 100). Expect to pay more for groceries, transportation, and services in addition to housing.
Once you have your payment estimate, comparing lenders is the most important step. A 0.25% rate difference on a $292,000 loan saves $13,140 in interest over 30 years.
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