FHA Loan Calculator — Rhode Island
On the typical Rhode Island home ($511,000), 3.5% down leaves a $493,115 base loan. The 1.75% upfront premium ($8,630) is financed, for a $501,745 loan, and annual MIP of 0.55% adds $229 a month for the life of the loan. Rhode Island FHA limits run $541,287–$832,750 by county.
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
$4,258
Principal & Interest + Taxes + Insurance
APR 7.761%
Total Interest
$703,623
Total Cost
$1,505,461
Advanced Parameters
FHA Mortgage Insurance Premium (MIP)
Annual MIP of 0.55% is billed monthly on the average balance of each loan year. With less than 10% down it lasts for the life of the loan; with 10% or more down it ends after 11 years. A 1.75% upfront premium is also added to the loan.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Full term
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | MIP | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $40,179 | $5,067 | $35,111 | $2,747 | $496,677 | $14,323 |
| Year 2 | $40,179 | $5,435 | $34,743 | $2,718 | $491,242 | $19,758 |
| Year 3 | $40,179 | $5,830 | $34,349 | $2,687 | $485,412 | $25,588 |
| Year 4 | $40,179 | $6,253 | $33,926 | $2,654 | $479,159 | $31,841 |
| Year 5 | $40,179 | $6,707 | $33,471 | $2,619 | $472,451 | $38,549 |
| Year 6 | $40,179 | $7,194 | $32,984 | $2,581 | $465,257 | $45,743 |
| Year 7 | $40,179 | $7,717 | $32,462 | $2,540 | $457,541 | $53,459 |
| Year 8 | $40,179 | $8,277 | $31,902 | $2,496 | $449,264 | $61,736 |
| Year 9 | $40,179 | $8,878 | $31,301 | $2,449 | $440,386 | $70,614 |
| Year 10 | $40,179 | $9,523 | $30,656 | $2,398 | $430,863 | $80,137 |
| Year 11 | $40,179 | $10,214 | $29,965 | $2,344 | $420,649 | $90,351 |
| Year 12 | $40,179 | $10,956 | $29,223 | $2,286 | $409,693 | $101,307 |
| Year 13 | $40,179 | $11,751 | $28,428 | $2,224 | $397,942 | $113,058 |
| Year 14 | $40,179 | $12,604 | $27,574 | $2,157 | $385,338 | $125,662 |
| Year 15 | $40,179 | $13,520 | $26,659 | $2,086 | $371,818 | $139,182 |
| Year 16 | $40,179 | $14,501 | $25,677 | $2,009 | $357,317 | $153,683 |
| Year 17 | $40,179 | $15,554 | $24,625 | $1,926 | $341,763 | $169,237 |
| Year 18 | $40,179 | $16,684 | $23,495 | $1,838 | $325,079 | $185,921 |
| Year 19 | $40,179 | $17,895 | $22,284 | $1,743 | $307,184 | $203,816 |
| Year 20 | $40,179 | $19,194 | $20,984 | $1,642 | $287,990 | $223,010 |
| Year 21 | $40,179 | $20,588 | $19,591 | $1,533 | $267,402 | $243,598 |
| Year 22 | $40,179 | $22,083 | $18,096 | $1,416 | $245,319 | $265,681 |
| Year 23 | $40,179 | $23,686 | $16,492 | $1,290 | $221,632 | $289,368 |
| Year 24 | $40,179 | $25,406 | $14,772 | $1,156 | $196,226 | $314,774 |
| Year 25 | $40,179 | $27,251 | $12,928 | $1,011 | $168,975 | $342,025 |
| Year 26 | $40,179 | $29,230 | $10,949 | $857 | $139,745 | $371,255 |
| Year 27 | $40,179 | $31,352 | $8,827 | $691 | $108,393 | $402,607 |
| Year 28 | $40,179 | $33,629 | $6,550 | $513 | $74,764 | $436,236 |
| Year 29 | $40,179 | $36,070 | $4,108 | $321 | $38,694 | $472,306 |
| Year 30 | $40,184 | $38,694 | $1,489 | $117 | $0 | $511,000 |
FHA Loan numbers for Rhode Island
- Typical Rhode Island home value
- $511,000
- 3.5% down ($17,885) · Zillow, August 31, 2026
- Loan amount
- $501,745
- Includes $8,630 financed UFMIP
- Estimated monthly payment
- $4,258
- APR 7.761%
- Rhode Island property tax
- 1.12%
- $477/mo
- Homeowners insurance
- $2,445/yr
- $204/mo
- Upfront MIP (1.75%)
- $8,630
- Financed into the loan
- Annual MIP
- 0.55%
- $229/mo in year 1 · life of loan
- Rhode Island FHA loan limit
- $541,287 – $832,750
- One-unit, by county
How much house can you afford in Rhode Island with an fha loan?
Highest price where principal, interest, Rhode Island property tax, insurance and FHA mortgage insurance (1.75% upfront premium financed, 0.55% annual MIP) stay within 28% of gross income —3.5% 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 |
|---|---|---|---|---|
| $40,000 | $933 | $91,000 | $3,185 | 18% |
| $50,000 | $1,167 | $121,000 | $4,235 | 24% |
| $60,000 | $1,400 | $150,000 | $5,250 | 29% |
| $75,000 | $1,750 | $194,000 | $6,790 | 38% |
| $100,000 | $2,333 | $268,000 | $9,380 | 52% |
| $125,000 | $2,917 | $341,000 | $11,935 | 67% |
| $150,000 | $3,500 | $415,000 | $14,525 | 81% |
FHA 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 an fha loan in Rhode Island?
Estimated $4,258 per month ($3,348 principal & interest, $477 property tax, $204 insurance, $229 FHA mortgage insurance) at 7.03% for 30 years, with 3.5% down. APR 7.761%.
What is the FHA loan limit in Rhode Island for 2026?
Between $541,287 and $832,750 depending on the county for a one-unit home. $541,287 is the national FHA floor; counties with higher home prices get higher limits. Check your exact county on HUD's FHA mortgage limits lookup.
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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
- HUD FHA Mortgage Limits lookup — FHA floor $541,287; high-cost counties follow the conforming limit — confirm on HUD
- 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
- HUD Mortgagee Letter 2023-05 (annual MIP schedule)
- HUD — FHA single family housing policy handbook 4000.1
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.