Monthly Payment on a $200K Mortgage in Rhode Island
Using Rhode Island's 1.53% property tax rate and $2,200/yr homeowners insurance.
$200K 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% | $1,628 | $1,565 | $1,347 |
| 6.0% | $1,688 | $1,623 | $1,398 |
| 6.5% | $1,750 | $1,681 | $1,450 |
| 7.0% | $1,813 | $1,741 | $1,503 |
| 7.5% | $1,878 | $1,802 | $1,557 |
| 8.0% | $1,943 | $1,864 | $1,612 |
How This Compares to Rhode Island's Median
A $200K home is 53% below Rhode Island's median of $425K. This is well within reach in many Rhode Island communities.
Income Needed for a $200K Home in Rhode Island
To afford this payment of $1,681/mo in Rhode Island, you'd need a household income of approximately $72K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K 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 $920 to your transaction costs.
What to Know About a $200K Mortgage in Rhode Island
Note that Rhode Island's 1.53% property tax rate adds $255/mo to your payment — significantly more than the national average of roughly 1.1%. On a $200K home, that's $3,060/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Rhode Island's 1.53% property tax ($255/mo) and $2,200/yr insurance ($183/mo) brings your total to $1,681/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.