Conventional Loan Calculator — Rhode Island
In Rhode Island, one-unit loans up to $832,750 are conforming. With 10% down on the typical $511,000 home, the $459,900 loan carries estimated PMI of 0.72% ($276/mo), which drops off after about 9 years once the balance reaches 80% of the price.
Rhode Island has the 15th-highest effective property tax rate of the 50 states at 1.12% — $1,073 more a year than the 0.91% state average on a $511,000 home. Homeowners insurance averages $2,445 a year, the 25th-highest premium nationally and $275 less than the typical state.
Loan Parameters
Total Monthly Payment
$4,026
Principal & Interest + Taxes + Insurance
APR 7.488%
Total Interest
$644,937
Total Cost
$1,377,476
Advanced Parameters
Private Mortgage Insurance (PMI)
Your down payment is below 20%. PMI is estimated at 0.72% annually and is removed here when your LTV reaches 80%.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Feb 2035
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $36,828 | $4,645 | $32,183 | $3,311 | $455,255 | $55,745 |
| Year 2 | $36,828 | $4,982 | $31,846 | $3,311 | $450,273 | $60,727 |
| Year 3 | $36,828 | $5,344 | $31,484 | $3,311 | $444,929 | $66,071 |
| Year 4 | $36,828 | $5,732 | $31,096 | $3,311 | $439,198 | $71,802 |
| Year 5 | $36,828 | $6,148 | $30,680 | $3,311 | $433,050 | $77,950 |
| Year 6 | $36,828 | $6,594 | $30,234 | $3,311 | $426,455 | $84,545 |
| Year 7 | $36,828 | $7,073 | $29,755 | $3,311 | $419,382 | $91,618 |
| Year 8 | $36,828 | $7,587 | $29,241 | $3,311 | $411,795 | $99,205 |
| Year 9 | $36,828 | $8,138 | $28,690 | $1,104 | $403,657 | $107,343 |
| Year 10 | $36,828 | $8,729 | $28,099 | — | $394,929 | $116,071 |
| Year 11 | $36,828 | $9,362 | $27,466 | — | $385,567 | $125,433 |
| Year 12 | $36,828 | $10,042 | $26,786 | — | $375,524 | $135,476 |
| Year 13 | $36,828 | $10,771 | $26,057 | — | $364,753 | $146,247 |
| Year 14 | $36,828 | $11,553 | $25,275 | — | $353,200 | $157,800 |
| Year 15 | $36,828 | $12,392 | $24,436 | — | $340,807 | $170,193 |
| Year 16 | $36,828 | $13,292 | $23,536 | — | $327,515 | $183,485 |
| Year 17 | $36,828 | $14,257 | $22,571 | — | $313,258 | $197,742 |
| Year 18 | $36,828 | $15,292 | $21,536 | — | $297,965 | $213,035 |
| Year 19 | $36,828 | $16,403 | $20,425 | — | $281,563 | $229,437 |
| Year 20 | $36,828 | $17,594 | $19,234 | — | $263,969 | $247,031 |
| Year 21 | $36,828 | $18,871 | $17,957 | — | $245,097 | $265,903 |
| Year 22 | $36,828 | $20,242 | $16,586 | — | $224,856 | $286,144 |
| Year 23 | $36,828 | $21,711 | $15,117 | — | $203,144 | $307,856 |
| Year 24 | $36,828 | $23,288 | $13,540 | — | $179,857 | $331,143 |
| Year 25 | $36,828 | $24,979 | $11,849 | — | $154,878 | $356,122 |
| Year 26 | $36,828 | $26,792 | $10,036 | — | $128,085 | $382,915 |
| Year 27 | $36,828 | $28,738 | $8,090 | — | $99,348 | $411,652 |
| Year 28 | $36,828 | $30,824 | $6,004 | — | $68,523 | $442,477 |
| Year 29 | $36,828 | $33,063 | $3,765 | — | $35,461 | $475,539 |
| Year 30 | $36,825 | $35,461 | $1,365 | — | $0 | $511,000 |
Conventional Loan numbers for Rhode Island
- Typical Rhode Island home value
- $511,000
- 10% down ($51,100) · Zillow, August 31, 2026
- Loan amount
- $459,900
- conforming in all 5 Rhode Island counties
- Estimated monthly payment
- $4,026
- APR 7.488%
- Rhode Island property tax
- 1.12%
- $477/mo
- Homeowners insurance
- $2,445/yr
- $204/mo
- Rhode Island conforming limit
- $832,750
- Above this, the loan is jumbo
- PMI
- 0.72% · $276/mo
- Drops off after 9 years
How much house can you afford in Rhode Island with a conventional loan?
Highest price where principal, interest, Rhode Island property tax, insurance and PMI stay within 28% of gross income —10% down, 30-year fixed at 7.03%. Other debts lower these numbers.
| Household income | Housing budget / mo | Max home price | Down payment | vs typical home |
|---|---|---|---|---|
| $50,000 | $1,167 | $128,000 | $12,800 | 25% |
| $75,000 | $1,750 | $206,000 | $20,600 | 40% |
| $100,000 | $2,333 | $284,000 | $28,400 | 56% |
| $125,000 | $2,917 | $362,000 | $36,200 | 71% |
| $150,000 | $3,500 | $440,000 | $44,000 | 86% |
| $200,000 | $4,667 | $596,000 | $59,600 | 117% |
| $250,000 | $5,833 | $752,000 | $75,200 | 147% |
Conventional vs other loan types in Rhode Island
$511,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $51,100 | $459,900 | — | $276 PMI | $4,026 | 7.488% |
| FHA | 3.5% · $17,885 | $501,745 | UFMIP $8,630 | $229 MIP | $4,258 | 7.761% |
| VA | 0% · $0 | $521,987 | Funding fee $10,987 | $0 | $4,164 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $102,200 | $408,800 | — | $0 | $3,409 | 7.030% |
Frequently asked questions
What is the monthly payment on a $511,000 home with a conventional loan in Rhode Island?
Estimated $4,026 per month ($3,069 principal & interest, $477 property tax, $204 insurance, $276 PMI) at 7.03% for 30 years, with 10% down. APR 7.488%.
How much is PMI on a Rhode Island conventional loan?
At 90% loan-to-value, PMI is estimated at 0.72% a year ($276/mo). It can be removed once the balance reaches 80% of the home's original value.
Explore related calculators
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Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- Effective statewide property tax rate (Tax Foundation, 2026 projections) — Statewide effective rate; county rates vary
- Average annual homeowners premium, $300K dwelling / $1K deductible (industry survey averages) — Statewide average premium
- CFPB — What is private mortgage insurance?
- Homeowners Protection Act (PMI cancellation at 78–80% LTV)
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.