Mortgage Calculator – Rhode Island
Rhode Island has one of the smallest land areas in the U.S. but relatively high home prices due to limited housing supply.
This Rhode Island mortgage calculator helps you estimate realistic monthly payments by accounting for loan terms, interest rates, property taxes, and insurance.
Mortgage Calculator – Rhode Island
Why Mortgage Costs in Rhode Island Are Higher Than Average
Rhode Island’s limited land availability and proximity to major Northeast markets contribute to higher housing prices.
Property tax rates can vary significantly by city and town, affecting total monthly mortgage costs.
Insurance costs may also be higher in coastal areas due to flood and storm risk.
Rhode Island Mortgage Examples
Example 1: A $480,000 home with 20% down at 6.9% over 30 years may result in a monthly payment near $2,600 including taxes and insurance.
Example 2: Homes near Providence or coastal areas typically cost more than inland properties.
Example 3: Buyers should budget carefully for property taxes and insurance when purchasing.
15-Year vs 30-Year Mortgage in Rhode Island
| Factor | 15-Year Loan | 30-Year Loan |
|---|---|---|
| Monthly Payment | Higher | Lower |
| Total Interest | Much lower | Much higher |
| Best For | Faster payoff | Cash-flow flexibility |
Frequently Asked Questions – Rhode Island Mortgage
Is Rhode Island an expensive state to buy a home?
Yes. Home prices are above the national average due to limited inventory.
Does this Rhode Island mortgage calculator include property taxes?
Yes. You can include estimated property taxes and insurance.
Are property taxes high in Rhode Island?
They vary widely by municipality.
Do Rhode Island buyers need PMI?
PMI may be required if your down payment is below 20%.
Are mortgage rates higher in Rhode Island?
Rates generally follow national averages.
Does this calculator include HOA fees?
No. HOA fees vary and should be budgeted separately.
Is refinancing common in Rhode Island?
Yes. Many homeowners refinance to reduce interest costs.
Do coastal risks affect insurance costs?
Yes. Flood and storm exposure can increase premiums.
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Disclaimer
This calculator provides estimates for educational purposes only and does not constitute financial, legal, or tax advice.