Monthly Payment on a $150K Mortgage in Rhode Island
Using Rhode Island's 1.53% property tax rate and $2,200/yr homeowners insurance.
$150K Mortgage in Rhode Island: Rate Comparison
Monthly PITI payment using Rhode Island's 1.53% property tax and $2,200/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,267 | $1,220 | $1,056 |
| 6.0% | $1,312 | $1,263 | $1,094 |
| 6.5% | $1,358 | $1,307 | $1,133 |
| 7.0% | $1,406 | $1,351 | $1,173 |
| 7.5% | $1,454 | $1,397 | $1,214 |
| 8.0% | $1,503 | $1,444 | $1,255 |
How This Compares to Rhode Island's Median
A $150K home is 65% below Rhode Island's median of $425K. This is well within reach in many Rhode Island communities.
Income Needed for a $150K Home in Rhode Island
To afford this payment of $1,307/mo in Rhode Island, you'd need a household income of approximately $56K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $60K salary can afford →Closing Costs in Rhode Island
Estimated closing costs in Rhode Island: $3K (1.7% of purchase price). Rhode Island also charges a 0.46% transfer tax, which may add $690 to your transaction costs.
What to Know About a $150K Mortgage in Rhode Island
Note that Rhode Island's 1.53% property tax rate adds $191/mo to your payment — significantly more than the national average of roughly 1.1%. On a $150K home, that's $2,295/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding Rhode Island's 1.53% property tax ($191/mo) and $2,200/yr insurance ($183/mo) brings your total to $1,307/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.