Mortgage on a $350K house in Rhode Island
$2,357 a month with 20% down — $1,884 principal and interest plus $299 property tax and $175 insurance.
Rhode Island's typical property tax is 1.02% of the home's value a year (U.S. average 0.9%), which adds $299 a month on a $350K home. The typical home in Rhode Island is worth $508,507, so $350K is 31% below the typical price.
$350K home in Rhode Island: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $70,000 | $280,000 | $1,884 | $0 | $474 | $2,357 | $101,000 |
| 10% down | $35,000 | $315,000 | $2,119 | $131 | $474 | $2,724 | $116,700 |
| 5% down | $17,500 | $332,500 | $2,237 | $139 | $474 | $2,849 | $122,100 |
| 3.5% down (FHA) | $12,250 | $343,661 | $2,312 | $155 | $474 | $2,940 | $126,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.02% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in Rhode Island does $350K buy a typical home?
No Rhode Island county has a typical home value within 15% of $350K.
0 of 5 Rhode Island counties tracked by Zillow have a typical home value at or below $350K. See all Rhode Island home prices.
Other prices in Rhode Island
Frequently asked questions
What is the mortgage on a $350K house in Rhode Island?
About $2,357 a month with 20% down at 7.11%: $1,884 principal and interest, $299 property tax and $175 insurance.
How much do I need to make to buy a $350K house in Rhode Island?
About $101,000 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $350K house in Rhode Island?
At Rhode Island's typical effective rate of 1.02%, about $3,583 a year. Rates vary by county and city — see the county pages.