Rhode Island Mortgage Calculator
30-year fixed:7.35%· Oct 2026
In Rhode Island, homeowners pay about 1.10% of their home's value in property tax each year — higher than the US average of about 0.90%.
Your loan
Pre-filled with the latest official average: 7.35% (Oct 2026, Freddie Mac PMMS via FRED).
- Principal & interest$2,205
- Property tax$367
- Insurance$167
Upfront costs
- Down payment$80,000
- Closing costs%$12,000
- Cash needed at purchase$92,000
What if interest rates change?
Your payment today is just the start. See how it could move if rates go up or down during your loan.
Your rate is fixed for the whole term, so market moves won't change your payment. Choose a variable or fixed-period loan above to see the effect — or use this to judge whether refinancing could pay off.
Loan balance over time
- Remaining balance
- Interest paid (cumulative)
- Principal paid (cumulative)
Interest rates in United States
Monthly averages. Sources: Freddie Mac PMMS via FRED
- 30-year fixed
- 15-year fixed
Example: a $400,000 home with 20% down and a 30-year loan at 7.35% costs about $2,738 a month including property tax and insurance.
County and city rates differ — check your local assessor and adjust the property tax field.
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Buying a home in United States: rules and costs
- The 30-year fixed-rate mortgage is the most common loan; your rate never changes unless you refinance.
- With less than 20% down, conventional lenders usually require private mortgage insurance (PMI). It must be removed automatically once your balance reaches 78% of the original home value.
- FHA loans allow down payments from 3.5%; VA and USDA loans can allow 0% down for eligible buyers.
- Property taxes are set by states, counties and cities, and are usually paid monthly through an escrow account together with homeowners insurance.
- Closing costs typically run 2–5% of the loan amount and include lender, title, appraisal and recording fees.
Sources: Consumer Financial Protection Bureau · Freddie Mac PMMS · Rules last reviewed 2026-10.
Frequently asked questions
How is the monthly mortgage payment calculated?
For an equal-payment loan, the payment is P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the loan amount, i the monthly interest rate and n the number of months. Taxes, insurance and fees are added on top.
What is the current average mortgage rate in Rhode Island?
The latest official figure is 7.35% for 30-year fixed (Oct 2026, source: Freddie Mac PMMS via FRED). Your own rate depends on your deposit, income, credit history and lender.
How much does a 1-point rate rise change my payment?
On a $320,000 loan over 30 years, going from 7.35% to 8.35% raises the monthly payment from $2,205 to $2,427 — about $222 more each month.
What upfront costs should I budget for in Rhode Island?
On a $400,000 purchase, expect about $12,000 in taxes and fees on top of your down payment. The breakdown is shown in the calculator above.
Can this calculator predict future interest rates?
No. The scenario tool shows a range of possible outcomes based on the band you choose. Nobody can predict rates reliably — use it to check whether you could still afford the loan if rates rise.