Property Tax Rate
1.31%
Moderate — near US avg
Avg Home Price
$430,000
~$469/mo in property tax
Conforming Limit
$806,500
Standard limit
Avg Insurance
0.60%/yr
$215/mo estimated
Your Loan Details
$
$50K$2M
Recommended income for this home: $100,000/year
$
%
Loan Amount: $320,000
%
30-yr avg: 6.92% · 15-yr avg: 6.22%
▼
Texas — High (1.60%) — no income tax
%
Est. annual taxes: $6,400 · $533.33/mo
Est. $200.00/mo based on 0.60% of home value
$/mo
Homeowners Association monthly dues, if any
Total Monthly Payment
$2,845.14
Estimated monthly housing cost (PITI)
Payment Breakdown
Principal & Interest
$2,111.80/mo(74%)
Property Tax
$533.33/mo(19%)
Homeowners Insurance
$200.00/mo(7%)
$320,000
Loan Amount
80% LTV · 20% down
$440,249
Total Interest
Over 30yr at 6.92%
$760,249
Total Cost
Principal + all interest
15-Year vs 30-Year Comparison
| 15-Year | 30-Year | |
|---|---|---|
| Monthly P&I | $2,738.52 | $2,111.80 |
| Total Interest | $172,934 | $440,249 |
| Total Cost | $492,934 | $760,249 |
15-year saves $267,315 in total interest
But costs $626.72 more per month
Amortization Schedule
See exactly how each payment is split between principal and interest
| Year | Principal | Interest | Balance | Equity |
|---|---|---|---|---|
| 1First Year | $3,301 | $22,041 | $316,699 | $83,301 |
| 2 | $3,537 | $21,805 | $313,162 | $86,838 |
| 3 | $3,790 | $21,552 | $309,373 | $90,627 |
| 4 | $4,060 | $21,281 | $305,312 | $94,688 |
| 5 | $4,350 | $20,991 | $300,962 | $99,038 |
| 6 | $4,661 | $20,681 | $296,301 | $103,699 |
| 7 | $4,994 | $20,348 | $291,307 | $108,693 |
| 8 | $5,351 | $19,991 | $285,956 | $114,044 |
| 9 | $5,733 | $19,609 | $280,223 | $119,777 |
| 10 | $6,143 | $19,199 | $274,081 | $125,919 |
| 11 | $6,581 | $18,760 | $267,499 | $132,501 |
| 12 | $7,052 | $18,290 | $260,448 | $139,552 |
| 13 | $7,555 | $17,786 | $252,892 | $147,108 |
| 14 | $8,095 | $17,247 | $244,797 | $155,203 |
| 1550% Paid | $8,673 | $16,668 | $236,124 | $163,876 |
| 16 | $9,293 | $16,049 | $226,831 | $173,169 |
| 17 | $9,957 | $15,385 | $216,874 | $183,126 |
| 18 | $10,668 | $14,674 | $206,206 | $193,794 |
| 19 | $11,430 | $13,911 | $194,776 | $205,224 |
| 20 | $12,247 | $13,095 | $182,529 | $217,471 |
| 21 | $13,122 | $12,220 | $169,408 | $230,592 |
| 22 | $14,059 | $11,283 | $155,349 | $244,651 |
| 23 | $15,063 | $10,278 | $140,286 | $259,714 |
| 24 | $16,139 | $9,202 | $124,146 | $275,854 |
| 25 | $17,292 | $8,049 | $106,854 | $293,146 |
| 26 | $18,528 | $6,814 | $88,326 | $311,674 |
| 27 | $19,851 | $5,490 | $68,475 | $331,525 |
| 28 | $21,269 | $4,072 | $47,206 | $352,794 |
| 29 | $22,789 | $2,553 | $24,417 | $375,583 |
| 30 | $24,417 | $925 | $0 | $400,000 |
How Much House Can I Afford?
The 28/36 rule — used by most lenders to approve mortgages
$
Annual: $99,996
$
Car, student loans, credit cards
With $8,333/month income, you can afford:
28% Rule — Max housing payment
$2,333.24/mo
Lenders prefer under 28% of gross income
36% Rule — Available after debts
$2,999.88/mo
Total DTI including other debts
Estimated home price (20% down, 6.92% rate)
$331,457
Property Tax Rates by State 2026
Annual rate as % of home value · Source: Census Bureau, Tax Foundation
| State | Rate | Annual Tax on $400K | Ranking |
|---|---|---|---|
| New Jersey | 2.23% | $8,920 | #1 |
| Illinois | 2.08% | $8,320 | #2 |
| Connecticut | 1.79% | $7,160 | #3 |
| New Hampshire | 1.77% | $7,080 | #4 |
| Vermont | 1.74% | $6,960 | #5 |
| Texas | 1.60% | $6,400 | #6 |
| Wisconsin | 1.55% | $6,200 | #7 |
| Nebraska | 1.45% | $5,800 | #8 |
| New York | 1.45% | $5,800 | #9 |
| Ohio | 1.40% | $5,600 | #10 |
| Iowa | 1.37% | $5,480 | #11 |
| Michigan | 1.36% | $5,440 | #12 |
| Pennsylvania | 1.35% | $5,400 | #13 |
| Rhode Island | 1.31% | $5,240 | #14 |
| Kansas | 1.22% | $4,880 | #15 |
| Maine | 1.09% | $4,360 | #16 |
| Massachusetts | 1.04% | $4,160 | #17 |
| Minnesota | 1.01% | $4,040 | #18 |
| South Dakota | 1.01% | $4,040 | #19 |
| Maryland | 0.99% | $3,960 | #20 |
| Alaska | 0.92% | $3,680 | #21 |
| Missouri | 0.88% | $3,520 | #22 |
| Oklahoma | 0.85% | $3,400 | #23 |
| Florida | 0.83% | $3,320 | #24 |
| Georgia | 0.83% | $3,320 | #25 |
| Washington | 0.83% | $3,320 | #26 |
| North Dakota | 0.82% | $3,280 | #27 |
| Oregon | 0.82% | $3,280 | #28 |
| Virginia | 0.82% | $3,280 | #29 |
| North Carolina | 0.77% | $3,080 | #30 |
| California | 0.75% | $3,000 | #31 |
| Indiana | 0.74% | $2,960 | #32 |
| Montana | 0.74% | $2,960 | #33 |
| Kentucky | 0.72% | $2,880 | #34 |
| Mississippi | 0.63% | $2,520 | #35 |
| New Mexico | 0.62% | $2,480 | #36 |
| Tennessee | 0.60% | $2,400 | #37 |
| Idaho | 0.58% | $2,320 | #38 |
| Arkansas | 0.57% | $2,280 | #39 |
| Delaware | 0.57% | $2,280 | #40 |
| Wyoming | 0.57% | $2,280 | #41 |
| Washington DC | 0.56% | $2,240 | #42 |
| Louisiana | 0.53% | $2,120 | #43 |
| Utah | 0.52% | $2,080 | #44 |
| Arizona | 0.51% | $2,040 | #45 |
| South Carolina | 0.51% | $2,040 | #46 |
| Colorado | 0.49% | $1,960 | #47 |
| West Virginia | 0.49% | $1,960 | #48 |
| Nevada | 0.47% | $1,880 | #49 |
| Alabama | 0.38% | $1,520 | #50 |
| Hawaii | 0.28% | $1,120 | #51 |
Rates shown are effective rates (median taxes paid / median home value). Actual rates vary by county. Source: 2024 ACS data.
Property Tax Details
Rhode Island Property Tax Guide
Property Tax Overview
Rhode Island property taxes average 1.31%. Municipalities set their own rates. Providence has very high rates while some suburban communities are lower. Homestead exemption varies by municipality.
Annual Tax
$5,633
on avg home
Monthly
$469
added to payment
Major Cities
Providence
Median $335,000
1.55%
prop. tax
Cranston
Median $385,000
1.35%
prop. tax
Warwick
Median $355,000
1.40%
prop. tax
First-Time Buyer Programs
Rhode Island Housing offers the FirstGenHomeRI program and down payment assistance up to $17,500.
Average HOA: $185/month — factor this into your total housing budget when comparing properties.
FAQ
Rhode Island Mortgage Questions
What is the property tax rate in Rhode Island?
What is the average home price in Rhode Island in 2026?
Are there first-time homebuyer programs in Rhode Island?
How much do I need for a down payment in Rhode Island?
What is homeowners insurance in Rhode Island?
What is a conforming loan limit and does it apply in Rhode Island?
Should I choose a 15-year or 30-year mortgage in Rhode Island?
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