What’s the average mortgage payment in Rhode Island?

The average monthly mortgage payment in Rhode Island is about $1,819, according to combined data from Redfin and Rocket Mortgage. This estimate is about $200 less per month than the national average of $2,010. 

As one of the smallest states in the country, Rhode Island blends historic neighborhoods, oceanfront living, and proximity to metropolitan areas like Boston, MA, providing an attractive option for buyers seeking convenience and coastal access. 

A closer look of the Rhode Island housing market

The median sale price in Rhode Island is $504,500, down nearly 3% from the last year based on the latest available data from Redfin. Even though it’s a small state, the price range varies widely based on where you look within it. 

Here’s a snapshot of recent median sale prices from Redfin:

What influences mortgage payments in Rhode Island?

Your monthly mortgage payment includes four main components: principal, interest, taxes, and insurance, often referred to as PITI. All four can vary based on location, home type, and market conditions. The Rocket Mortgage^® mortgage calculator can help you break down how each factor contributes to your payment.

Home price and down payment

Home prices in Rhode Island are higher than many nearby New England states, aside from Massachusetts and Connecticut. With a median home price at $504,500, a 20% down payment on a 6.5% 30-year fixed loan results in an estimated monthly payment of about $2,518, not including property taxes and insurance.

Putting down less than 20% can reduce the upfront cost, but it usually requires private mortgage insurance (PMI), increasing your monthly payment until you have sufficient equity.

Mortgage rate

Your mortgage interest rate determines how much interest you’ll pay over time and is influenced by credit score, down payment amount, loan type, debt-to-income ratio (DTI), and market conditions. Since even minor rate changes can have a noticeable impact on monthly payments and home prices tend to be higher in Rhode Island, buyers in this area may benefit from checking rates often.

Loan term

The loan term has a major impact on monthly cost. A 30-year fixed mortgage offers lower monthly payments by stretching repayment over a longer period, but accumulates more interest over time. A 15-year fixed mortgage increases monthly costs, yet builds equity quicker and reduces total interest. Choosing the right term depends on your long-term financial goals and budget comfort.

Property taxes and insurance

Rhode Island’s property taxes are higher than the national average, with effective tax rates commonly landing around 1.32%. On a median-value home, which is about $368,800 in Rhode Island, property taxes could add a little over $400 a month to your monthly mortgage payment. 

Insurify estimates the average annual homeowners insurance cost to be $2,292, which adds roughly $190 per month to your payment. However, the exact cost of homeowners insurance in the Ocean State varies widely by proximity to the coast. Areas with higher wind and storm exposure tend to carry increased premiums. 

Rhode Island mortgage payments compared to other states

The average monthly mortgage payment in Rhode Island is lower than both the national average and most other states in the New England region. The only neighboring state that has a lower average than Rhode Island is Maine: 

Monthly payments by county in Rhode Island 

Rhode Island is made up of only five counties. Here is how they stack up against each other according to Q1 2025 median sale prices from the National Association of REALTORS^®:

When you zoom in from the state level to individual counties, the numbers can look noticeably higher, which is normal. Rhode Island’s statewide average blends home prices from every market in the state, including more affordable areas that bring the overall figure down. County estimates are based on each county’s median home price, which can result in higher projected payments than what many buyers ultimately pay.

One way to see how location influences your monthly mortgage payment in the Ocean State is by looking at a home’s proximity to the water. Cities with premium coastal access tend to have higher payments than inland communities. 

How to calculate your mortgage payment

Your mortgage payment is calculated based on the following three factors: 

1. Loan balance

2. Interest rate

3. Repayment term

Lenders use a standard formula that takes all of these into account, but if you want to run the numbers yourself, you can use the Rocket Mortgage online mortgage calculator. It can show you an estimate of how different options affect your monthly cost. Additional Rocket Mortgage tools can help you explore affordability, loan term comparisons, and monthly cost estimates as well. 

Rhode Island-specific mortgage resources

Rhode Island has several first-time homebuyer programs that can assist you during your home search. Here are a few additional ones you could use as well: 

• RI AnchorHome Program: A state-backed mortgage initiative that partners with local lenders to offer eligible first-time buyers more affordable 30-year fixed mortgages with lower interest rates and no private mortgage insurance.

• RIHousing Extra Assistance Program: Provides down payment and closing cost help up to a percentage of the home’s price in conjunction with a RIHousing-funded first mortgage, designed to make the upfront costs of buying a home more manageable for first-time buyers.

• RIHousing 15kDPA Grant Program: Offers up to $15,000 in down payment and/or closing cost assistance as a zero-percent interest loan for first-time homebuyers who meet income, credit, and homebuyer education requirements.

• FirstGenHomeRI Grant: A targeted statewide grant program that gives eligible first-generation and first-time homebuyers up to $25,000 toward down payment and closing costs, with no repayment required, to increase access to homeownership for households without a generational homeownership history. 

• Providence Down Payment Assistance Program: Administered through the City of Providence in partnership with the Housing Network of Rhode Island, this program offers eligible homebuyers up to $20,000 in forgivable loan assistance for down payment and closing costs on homes within Providence.

FAQ on average monthly mortgage payments in Rhode Island

Still have questions about mortgage payments in Rhode Island? We have answers!

What is a good mortgage payment in Rhode Island right now?

A “good” monthly payment is one that fits your income, down payment, and broader financial goals. Because Rhode Island’s home prices trend higher, your payment may fall above the national average. You can use the Rocket Mortgage home affordability calculator to estimate what home price and monthly payment align with your income and budget.

What’s the difference between a 15-year vs. 30-year mortgage in Rhode Island?

In Rhode Island, as elsewhere, a 30-year mortgage spreads payments over a longer period, lowering your monthly cost but increasing total interest paid. A 15-year loan significantly reduces lifetime interest and helps build equity faster, but increases the monthly payment. Buyers often choose based on long-term priorities and budget flexibility.

How much income is needed to afford a home in Rhode Island?

According to Redfin, Rhode Island is the 11th most expensive state to buy a home. Recent U.S. Census data shows the average median household income in Rhode Island to be about $83,500, but since average monthly payments can vary widely, using a tool like the Rocket Mortgage affordability calculator can help you understand how much you can afford based on your specific income. 

The bottom line: What drives Rhode Island mortgage payments 

While the average monthly mortgage payment in Rhode Island is below the national average, the actual amount that you’ll pay per month can vary widely depending on location, property taxes, and insurance cost. Properties closer to the coast can see much higher monthly payments while inland properties could be more widely affordable. 

Whether you're a first-time home buyer or planning a move within the state, getting prequalified for a loan with Rocket Mortgage can help you understand your buying power and take your next steps confidently.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.