Mortgage on a $400K house in Rhode Island
$2,694 a month with 20% down — $2,153 principal and interest plus $341 property tax and $200 insurance.
Rhode Island's typical property tax is 1.02% of the home's value a year (U.S. average 0.9%), which adds $341 a month on a $400K home. The typical home in Rhode Island is worth $508,507, so $400K is 21% below the typical price.
$400K 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 | $80,000 | $320,000 | $2,153 | $0 | $541 | $2,694 | $115,500 |
| 10% down | $40,000 | $360,000 | $2,422 | $150 | $541 | $3,113 | $133,400 |
| 5% down | $20,000 | $380,000 | $2,556 | $158 | $541 | $3,256 | $139,500 |
| 3.5% down (FHA) | $14,000 | $392,755 | $2,642 | $177 | $541 | $3,360 | $144,000 |
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 $400K buy a typical home?
In these counties the typical home value is within 15% of $400K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Kent County | $441,067 | 1.35% | $2,804 |
| Providence County | $453,475 | 1.25% | $2,770 |
0 of 5 Rhode Island counties tracked by Zillow have a typical home value at or below $400K. See all Rhode Island home prices.
Other prices in Rhode Island
Frequently asked questions
What is the mortgage on a $400K house in Rhode Island?
About $2,694 a month with 20% down at 7.11%: $2,153 principal and interest, $341 property tax and $200 insurance.
How much do I need to make to buy a $400K house in Rhode Island?
About $115,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $400K house in Rhode Island?
At Rhode Island's typical effective rate of 1.02%, about $4,095 a year. Rates vary by county and city — see the county pages.