Monthly Payment on a $300K Mortgage in Rhode Island
Using Rhode Island's 1.53% property tax rate and $2,200/yr homeowners insurance.
$300K 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% | $2,350 | $2,256 | $1,929 |
| 6.0% | $2,441 | $2,342 | $2,005 |
| 6.5% | $2,533 | $2,430 | $2,083 |
| 7.0% | $2,628 | $2,520 | $2,163 |
| 7.5% | $2,725 | $2,611 | $2,244 |
| 8.0% | $2,823 | $2,704 | $2,327 |
How This Compares to Rhode Island's Median
A $300K home is 29% below Rhode Island's median of $425K. You'll find homes at this price in cities like West Warwick, Woonsocket.
Income Needed for a $300K Home in Rhode Island
To afford this payment of $2,430/mo in Rhode Island, you'd need a household income of approximately $104K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in Rhode Island
Estimated closing costs in Rhode Island: $5K (1.7% of purchase price). Rhode Island also charges a 0.46% transfer tax, which may add $1,380 to your transaction costs.
What to Know About a $300K Mortgage in Rhode Island
Note that Rhode Island's 1.53% property tax rate adds $383/mo to your payment — significantly more than the national average of roughly 1.1%. On a $300K home, that's $4,590/year in property taxes alone. This is a major factor in your total payment and something to budget for carefully.
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding Rhode Island's 1.53% property tax ($383/mo) and $2,200/yr insurance ($183/mo) brings your total to $2,430/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.