Rhode Island Mortgage Calculator (2026)
Calculate your monthly payment with Rhode Island-specific property tax (1.63%) and average insurance ($1,500/yr).
Monthly payment
Payment breakdown
Loan summary
Amortization schedule (first 12 + every 12 months)
| Month | Principal | Interest | PMI/MIP | Balance |
|---|---|---|---|---|
| 1 | $381.40 | $2,714.25 | $193.88 | $464,919 |
| 2 | $383.63 | $2,712.03 | $193.88 | $464,535 |
| 3 | $385.87 | $2,709.79 | $193.88 | $464,149 |
| 4 | $388.12 | $2,707.54 | $193.88 | $463,761 |
| 5 | $390.38 | $2,705.27 | $193.88 | $463,371 |
| 6 | $392.66 | $2,703.00 | $193.88 | $462,978 |
| 7 | $394.95 | $2,700.70 | $193.88 | $462,583 |
| 8 | $397.25 | $2,698.40 | $193.88 | $462,186 |
| 9 | $399.57 | $2,696.08 | $193.88 | $461,786 |
| 10 | $401.90 | $2,693.75 | $193.88 | $461,384 |
| 11 | $404.24 | $2,691.41 | $193.88 | $460,980 |
| 12 | $406.60 | $2,689.05 | $193.88 | $460,573 |
| 24 | $436.00 | $2,659.66 | $193.88 | $455,505 |
| 36 | $467.51 | $2,628.14 | $193.88 | $450,071 |
| 48 | $501.31 | $2,594.34 | $193.88 | $444,243 |
| 60 | $537.55 | $2,558.10 | $193.88 | $437,994 |
| 72 | $576.41 | $2,519.24 | $193.88 | $431,294 |
| 84 | $618.08 | $2,477.57 | $193.88 | $424,109 |
| 96 | $662.76 | $2,432.89 | $193.88 | $416,405 |
| 108 | $710.67 | $2,384.98 | $193.88 | $408,143 |
| 120 | $762.04 | $2,333.61 | — | $399,285 |
| 132 | $817.13 | $2,278.52 | — | $389,786 |
| 144 | $876.20 | $2,219.45 | — | $379,601 |
| 156 | $939.54 | $2,156.11 | — | $368,679 |
| 168 | $1,007.46 | $2,088.19 | — | $356,968 |
| 180 | $1,080.29 | $2,015.36 | — | $344,410 |
| 192 | $1,158.39 | $1,937.26 | — | $330,944 |
| 204 | $1,242.13 | $1,853.52 | — | $316,505 |
| 216 | $1,331.92 | $1,763.73 | — | $301,022 |
| 228 | $1,428.21 | $1,667.45 | — | $284,420 |
| 240 | $1,531.45 | $1,564.20 | — | $266,617 |
| 252 | $1,642.16 | $1,453.49 | — | $247,528 |
| 264 | $1,760.87 | $1,334.78 | — | $227,059 |
| 276 | $1,888.17 | $1,207.49 | — | $205,110 |
| 288 | $2,024.66 | $1,070.99 | — | $181,574 |
| 300 | $2,171.02 | $924.63 | — | $156,337 |
| 312 | $2,327.97 | $767.68 | — | $129,275 |
| 324 | $2,496.26 | $599.40 | — | $100,257 |
| 336 | $2,676.71 | $418.94 | — | $69,142 |
| 348 | $2,870.21 | $225.44 | — | $35,777 |
| 360 | $3,077.70 | $17.95 | — | $0 |
What the payment actually costs
Expect roughly $6,520 a year in property tax on a $400,000 home here. Rhode Island's effective rate of 1.63% ranks 10th of 51, compared with about 1.10% nationally — $543 a month that never appears in a quoted mortgage payment.
Homeowners insurance runs about $1,500 a year in Rhode Island, 22nd of 51 states and below the $1,552 national average. Together, tax and insurance add roughly $668 a month to the payment before you have paid a dollar of principal.
How this fits the rest of your tax bill
Rhode Island taxes both income and property, so neither side offsets the other. Property tax at 1.63% ranks 10th of 51, and state income tax applies on top. Model both together when comparing against a no-income-tax state, because the comparison flips depending on how much house you buy relative to what you earn.
Housing costs compound with the rate. Rhode Island runs about 3% above national-average costs, so the same 1.63% rate applies to a larger assessed value than it would elsewhere. A percentage rate is only half the number that matters; the base it applies to is the other half.
Property tax rates are effective statewide averages; your county assessor sets the actual figure and it varies widely within a state. See our methodology.