15kDPA
Zero‑interest loan of up to $15,000 for down payment and/or closing cost assistance to first‑time homebuyers. No monthly payments; repayable only upon sale, refinance, or transfer.
Verify program detailsState homebuying guide
Rhode Island Mortgage Calculator Guide
When I use a statewide mortgage page, I treat the first result as a reference point, not a promise. In Rhode Island, the statewide home-value benchmark gives us a consistent place to begin, while the city pages show why the same down payment and interest rate can still produce different monthly totals. The current benchmark is $511,200, and this guide covers 35 city calculators. That sequence keeps the first estimate simple without hiding the local details that can change a real monthly payment.
- State benchmark
- $511,200
- City calculators
- 35
Need more than a statewide benchmark?
Use the complete mortgage payment and affordability calculator to enter your own purchase price, income, debts, loan program, closing costs, and extra-payment plan.
Down-payment comparison
What 5%, 10%, and 20% down could look like in Rhode Island
These examples use the $511,200 statewide benchmark, a 6.75% 30-year fixed planning rate, the 1.17% midpoint property-tax assumption, and 0.35% annually for homeowners insurance. PMI is illustrated at 1% annually below 20% down.
| Down payment | Cash down | Loan amount | Principal & interest | Property tax | Insurance & PMI | Estimated monthly payment |
|---|---|---|---|---|---|---|
| 5% | $25,560 | $485,640 | $3,150 | $498 | $575 | $4,223 |
| 10% | $51,120 | $460,080 | $2,984 | $498 | $575 | $4,058 |
| 20% | $102,240 | $408,960 | $2,653 | $498 | $149 | $3,300 |
The examples do not include HOA dues, closing costs, discount points, lender fees, flood insurance, or property-specific insurance adjustments. Change the city calculator inputs before using a result for a budget.
Local variation
Why one Rhode Island estimate should not represent every city
The available city-page tax assumptions run from 0.60% for Jamestown to 1.68% for Foster, with a midpoint of 1.17% used in the statewide examples. That spread is a reminder to verify the parcel, assessment, exemptions, and taxing district before relying on a monthly number. Jamestown and Scituate and Foster are useful starting points for seeing how the planning assumptions vary inside Rhode Island.
These are effective-rate planning assumptions from 2024 public data, published in this system in 2026. Actual tax bills depend on assessed value, exemptions, levies, and the property's taxing districts.
Cash-to-close research
Homebuyer assistance in Rhode Island
The state-level research list currently contains 4 programs. 15kDPA and Extra Assistance are included as a place to begin, not as a promise of approval. Funding, income limits, first-time-buyer definitions, participating lenders, and eligible locations can change, so I would confirm the current rules before counting assistance as cash available at closing.
Extra Assistance
Second‑mortgage program offering up to 6% of purchase price (max $20,000) for down payment and/or closing costs at an interest rate matching your first mortgage, 15‑year term.
Verify program detailsFirstGenHomeRI
Pilot forgivable loan of up to $25,000 for first‑generation buyers in select cities, to cover down payment and closing costs. Forgiven after 5 years occupancy.
Verify program detailsFirst-Time Homebuyer Mortgage + Extra Assistance
RIHousing’s First‑Time Homebuyer Loan can be paired with Extra Assistance or 15kDPA to finance 100% of purchase price plus down payment/closing help.
Verify program detailsA practical review
Before relying on a Rhode Island payment estimate
01
Replace the statewide Rhode Island benchmark with the price of the homes actually being considered.
02
Open the relevant city calculator and verify the property-tax assumption against the parcel or local assessor.
03
Get a property-specific homeowners-insurance estimate and add HOA dues when they apply.
04
Compare several interest rates and down payments instead of budgeting from one optimistic scenario.
05
Confirm assistance rules with the official program source before reducing estimated cash to close.
Local calculators
Mortgage calculators across Rhode Island
Move from the statewide benchmark to the city that matches the actual search area. Each page carries its local tax geography, home-value benchmark, and nearby comparisons.
35 city pages
Common questions
Planning a mortgage in Rhode Island
How much is an estimated mortgage payment in Rhode Island?
Using the current $511,200 statewide home-value benchmark, 20% down, a 6.75% 30-year planning rate, the 1.17% midpoint property-tax assumption, and a 0.35% insurance assumption, the estimated monthly payment is $3,300. Actual property, loan, tax, and insurance details can differ.
Does the Rhode Island mortgage estimate include property taxes?
Yes. The statewide examples use a 1.17% midpoint from the available city-page assumptions. A property-specific estimate should use the actual parcel, assessment, exemptions, and local taxing districts.
How much down payment should I compare in Rhode Island?
The page compares 5%, 10%, and 20% down. A smaller down payment reduces upfront cash but can increase the loan balance and may add mortgage insurance. Program and loan requirements vary.
Where should I verify Rhode Island homebuyer assistance?
Start with each linked official program source. Verify current funding, income limits, purchase-price limits, property rules, participating lenders, and first-time-buyer definitions before relying on assistance.
Planning rate
6.75%
Tax midpoint
1.17%
Benchmark period
August 2026
Continue planning
Connect this estimate to the rest of your budget
Use the next calculator only when that part of your financial picture affects the decision you are making here.