Estimate your monthly mortgage payment in Rhode Island — principal & interest plus Rhode Island property tax and homeowner’s insurance.
Buying a home in Rhode Island: what to know
Rhode Island’s typical home value is about $511,200 as of August 2026 (Zillow ZHVI), the second-highest in this group, driven by the Providence metro and coastal demand. The median effective property tax rate is 1.12% — about $5,726 a year on a median-priced home. Homeowner’s insurance is the priciest in this set at $2,074 a year on average (NAIC 2022 via III), reflecting coastal storm exposure. RIHousing’s 15kDPA program ($15,000 at 0% interest, no monthly payments) and Extra Assistance (up to 6% of the price or $20,000) are built for first-time buyers facing those high entry costs.
Rhode Island mortgage facts
| Fact | Figure |
|---|---|
| 2026 conforming loan limit (1-unit) | $832,750 ($832,750 baseline in every county; Rhode Island has no high-cost counties in 2026. FHA limit $541,287 statewide) |
| Median home price | $511,233 |
| Median effective property tax rate | 1.12% |
| Average homeowner’s insurance | $2,074/year |
Data as of October 2026. Sources: FHFA 2026 conforming limits; Zillow ZHVI Aug 2026; Tax Foundation Property Taxes by State and County 2026; NAIC 2022 HO-3 avg premium via III; RIHousing program pages; rate: 7.40% (Freddie Mac PMMS, week ending October 15, 2026)
Rhode Island first-time buyer programs
- RIHousing 15kDPA — $15,000 toward down payment and/or closing costs as a 0%-interest deferred second loan — repaid only at sale, refinance, or transfer; first-time buyers with a 660 score, RIHousing first mortgage, and homebuyer education. Official site
- RIHousing Extra Assistance — Up to 6% of the purchase price or $20,000 (whichever is lower) as a second mortgage paired with a RIHousing first mortgage; same interest rate as the first loan, 15-year term, 620 minimum score. Official site
How to use this calculator
The calculator comes pre-filled with Rhode Island’s $511,233 median home price, the state’s 1.12% effective property tax rate, and the $2,074/year average insurance premium — the priciest insurance in this group, so don’t skip that line. Property tax runs about $477 a month and insurance about $173 a month on a median-priced home before principal and interest. The 2026 conforming limit is $832,750 statewide, so jumbo only matters for luxury coastal purchases. Adjust the rate to your actual lender quote (2026 rates are running in the mid-6s) and set your down payment to see PMI below 20%.
Worked example: a median Rhode Island home
Take a median-priced Rhode Island home at $511,233. With 20% down ($102,246.60), the loan amount is $408,986.40. At 7.40% (Freddie Mac PMMS, week ending October 15, 2026) on a 30-year fixed term, principal and interest come to $2,831.74/month. Add property tax of about $477.15/month (1.12% of $511,233, divided by 12) and insurance of about $172.83/month ($2,074 a year), for a total estimated payment of $3,481.72/month. Over 30 years, total interest would be about $610,439.72. Your rate, down payment, and county tax bill will move these numbers — use the calculator above with your own figures.
What is the 2026 conforming loan limit in Rhode Island?
The 2026 FHFA baseline of $832,750 applies in every Rhode Island county — there are no high-cost counties in the state. The 2026 FHA limit is $541,287 in every county. Loans above $832,750 are jumbo.
Why is Rhode Island homeowner’s insurance so expensive?
The statewide average is about $2,074 a year (NAIC 2022 via the Insurance Information Institute) — the highest in this group — driven by coastal hurricane and wind exposure. Coastal homes in places like Warwick and Tiverton can face hurricane deductibles, and flood insurance is a separate policy near the water.
How does RIHousing’s 15kDPA work?
The 15kDPA program provides $15,000 toward down payment and closing costs as a 0%-interest second loan with no monthly payments — you repay it only when you sell, refinance, transfer the home, or stop living there. It requires first-time buyer status, a 660 credit score, a RIHousing first mortgage, income and purchase price limits, and a homebuyer education course.
What is Extra Assistance?
RIHousing’s Extra Assistance offers up to 6% of the purchase price or $20,000 (whichever is lower) as a second mortgage paired with a RIHousing first mortgage — this one carries the same interest rate as the first loan over a 15-year term and needs a 620 credit score.
Is there help for first-generation buyers?
Yes — FirstGenHomeRI offers up to $25,000 for first-generation homebuyers, forgiven after five years as a primary residence, in Central Falls, East Providence, Newport, Pawtucket, Providence, and Woonsocket (660 credit score and HUD-approved education required). In 2025, nearly 1 in 7 Rhode Island mortgages went through RIHousing, and 95% of those buyers also received down payment assistance.