Mortgage on a $950K house in Rhode Island
$6,398 a month with 20% down — $5,113 principal and interest plus $811 property tax and $475 insurance.
Rhode Island's typical property tax is 1.02% of the home's value a year (U.S. average 0.9%), which adds $811 a month on a $950K home. The typical home in Rhode Island is worth $508,507, so $950K is 87% above the typical price.
$950K 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 | $190,000 | $760,000 | $5,113 | $0 | $1,286 | $6,398 | $274,200 |
| 10% down | $95,000 | $855,000 | $5,752 | $356 | $1,286 | $7,393 | $316,900 |
| 5% down | $47,500 | $902,500 | $6,071 | $376 | $1,286 | $7,733 | $331,400 |
| 3.5% down (FHA) | $33,250 | $932,793 | $6,275 | $420 | $1,286 | $7,981 | $342,000 |
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 $950K buy a typical home?
No Rhode Island county has a typical home value within 15% of $950K.
5 of 5 Rhode Island counties tracked by Zillow have a typical home value at or below $950K. See all Rhode Island home prices.
Other prices in Rhode Island
Frequently asked questions
What is the mortgage on a $950K house in Rhode Island?
About $6,398 a month with 20% down at 7.11%: $5,113 principal and interest, $811 property tax and $475 insurance.
How much do I need to make to buy a $950K house in Rhode Island?
About $274,200 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $950K house in Rhode Island?
At Rhode Island's typical effective rate of 1.02%, about $9,726 a year. Rates vary by county and city — see the county pages.