Mortgage Calculator Rhode Island 2026: Payment, PMI & Conveyance Tax
This mortgage calculator for Rhode Island estimates your full monthly payment — principal & interest, property tax, homeowners insurance and PMI — plus the state real estate conveyance tax. Enter your own rate; everything is calculated privately in your browser.
A mortgage calculator for Rhode Island estimates the full monthly cost of a Rhode Island home loan: principal and interest from standard amortization, plus property tax, homeowners insurance and private mortgage insurance (PMI) when you put down less than 20%. It also shows Rhode Island’s real estate conveyance tax of $2.30 per $500, normally paid by the seller.
How the Mortgage Calculator Rhode Island Formula Works (Worked Example)
Principal and interest use the standard amortization formula M = P × r(1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. Property tax is the home price × your local rate ÷ 12, insurance is your annual premium ÷ 12, and PMI is the loan amount × your PMI rate ÷ 12. Example: a $300,000 Rhode Island home, 10% down, 30-year fixed at a user-entered 6.5% (click Load Example above to reproduce it).
| Item | Inputs | Monthly |
|---|---|---|
| Principal & interest | $270,000 loan, 6.5%, 360 payments | $1,706.58 |
| Property tax | 1.12% of $300,000 ($3,360/yr) | $280.00 |
| Homeowners insurance | $1,500/yr (example — use your quote) | $125.00 |
| PMI | 0.6% of $270,000 ($1,620/yr) | $135.00 |
| Total monthly payment | $2,246.58 | |
| Conveyance tax (one-time, usually seller) | $300,000 ÷ $500 × $2.30 | $1,380.00 |
Over 30 years this loan pays about $344,370 in interest. Your rate is an input, not an assumption — check the current weekly national average in Freddie Mac’s Primary Mortgage Market Survey and compare lender Loan Estimates.
Rhode Island Property Tax Rate and Your Monthly Payment
Rhode Island homeowners paid an effective property tax rate of about 1.12% of home value in 2024 Census ACS data, according to the Tax Foundation’s Property Taxes by State and County, 2026, down from 1.19% a year earlier. Each of the 39 cities and towns sets its own rate per $1,000 of assessed value, and some tax owner-occupied homes at a lower rate or offer a homestead exemption — see the Division of Municipal Finance tax-rate table and use your town’s rate.
| Local rate | Annual tax on $300,000 | Added to monthly payment |
|---|---|---|
| 0.80% | $2,400 | $200.00 |
| 1.12% (statewide effective average) | $3,360 | $280.00 |
| 1.50% | $4,500 | $375.00 |
Rhode Island Closing Costs: Real Estate Conveyance Tax
Under R.I. Gen. Laws § 44-25-1 the real estate conveyance tax is $2.30 for each $500 of consideration or fractional part ($4.60 per $1,000). Since January 1, 2022, a residential sale above $800,000 pays an extra $2.30 per $500 on the portion above $800,000. The seller pays unless the purchase agreement says otherwise. The calculator includes both parts.
| Rhode Island item | Amount | Usually paid by |
|---|---|---|
| Real estate conveyance tax (R.I. Gen. Laws § 44-25-1) | $2.30 per $500 or fraction — $1,380 on $300,000 | Seller (unless agreed otherwise) |
| Additional tax on residential sales over $800,000 | Extra $2.30 per $500 above $800,000 | Seller (unless agreed otherwise) |
| Escrow deposits for tax and insurance | Set by your lender — see your Loan Estimate | Buyer |
| Lender, appraisal, title and recording charges | Vary by lender, title company and county — compare Loan Estimates | Negotiable |
Some costs are negotiable, and sellers sometimes cover part of a buyer’s closing costs as a concession.
How Rhode Island Mortgage Rates Affect Your Payment
Rates in Rhode Island follow national mortgage markets and vary by lender, credit score, down payment and loan type. On a $465,000 home with 20% down, an example 6.8% rate produces a monthly principal and interest payment of approximately $2,425. A 0.25% rate increase adds roughly $62 to that payment, so shopping multiple lenders can save thousands over the life of the loan.
Adjustable-rate mortgages (ARMs) often start lower but carry rate-reset risk. Most Rhode Island homebuyers choose 30-year fixed loans for payment predictability. FHA loans (3.5% down) and VA loans (0% down for veterans) are also popular in Rhode Island.
First-Time Buyer Programs in Rhode Island
RIHousing offers first-time homebuyer loans, including FirstHomes, with down payment and closing cost assistance for eligible buyers. Check current income and purchase-price limits at rihousing.com or with a participating lender.
FHA loans are available nationwide and require only 3.5% down with a 580+ credit score — ideal for first-time buyers in Rhode Island who have limited savings. USDA loans offer 0% down for eligible rural properties in Rhode Island. VA loans are available to qualified veterans and active-duty service members with no down payment required and no PMI.
If your down payment is below 20%, Private Mortgage Insurance (PMI) on a $372,000 loan adds approximately $186/month at a 0.6% annual rate. The Urban Institute puts typical PMI at roughly 0.46%–1.5% of the loan per year depending on credit score. PMI can be removed once your loan-to-value ratio reaches 80%, so extra payments accelerate the timeline to dropping PMI.
Last updated: October 2026. Estimates only — confirm figures with your lender and local tax office.
Frequently Asked Questions
What is the average mortgage rate in Rhode Island in 2026?
Rhode Island mortgage rates track national averages and change weekly. Check the Freddie Mac Primary Mortgage Market Survey for the current 30-year fixed average, then compare quotes from several lenders - your rate depends on credit score, down payment and loan type.
What is the average monthly mortgage payment in Rhode Island?
For a $465,000 home with 20% down in Rhode Island, the estimated PITI (principal, interest, taxes, and insurance) is approximately $2,984/month at an example 6.8% rate, assuming a 1.12% property tax rate and $1,500 a year for insurance.
Do I need PMI in Rhode Island?
Yes — if your down payment is less than 20%, lenders in Rhode Island require Private Mortgage Insurance (PMI) on conventional loans. The Urban Institute puts typical PMI at about 0.46%–1.5% of the loan amount per year, depending on credit score. PMI is removed once you reach 20% equity.
What is the average home price in Rhode Island?
The $465,000 default in this calculator is an example price, not a measured statewide median. Home prices vary widely by city and county in Rhode Island, so enter the price of the home you are considering or recent sales from your agent.
What is the property tax rate in Rhode Island?
Rhode Island homeowners paid an effective property tax rate of about 1.12% of home value in 2024 Census data (Tax Foundation, 2026) - roughly $5,208 a year on a $465,000 home. Each city and town sets its own rate, and some tax owner-occupied homes at a lower rate, so use your town’s rate.
How much is Rhode Island Real Estate Conveyance Tax?
Rhode Island charges $2.30 for each $500 of consideration or fractional part ($4.60 per $1,000) under R.I. Gen. Laws 44-25-1 - $1,380 on a $300,000 home. Since 2022, residential sales above $800,000 pay an extra $2.30 per $500 on the portion above $800,000. The seller pays unless the purchase agreement says otherwise.
What is the monthly payment on a $300,000 house in Rhode Island?
With 10% down and a 30-year fixed loan at 6.5%, principal and interest is about $1,707 a month. Adding 1.12% property tax ($280), $1,500 a year insurance ($125) and 0.6% PMI ($135) brings the total to about $2,247 a month.