VA Loan Calculator — Rhode Island
An eligible VA borrower can buy the typical Rhode Island home ($511,000) with no down payment. The 2.15% first-use funding fee ($10,987) is rolled into a $521,987 loan, and there is no monthly mortgage insurance — saving about $229 a month versus FHA MIP on the same home.
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
$4,164
Principal & Interest + Taxes + Insurance · no mortgage insurance
APR 7.242%
Total Interest
$732,008
Total Cost
$1,499,040
Advanced Parameters
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
N/A
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $41,800 | $5,272 | $36,528 | — | $516,715 | -$5,715 |
| Year 2 | $41,800 | $5,655 | $36,145 | — | $511,060 | -$60 |
| Year 3 | $41,800 | $6,065 | $35,735 | — | $504,995 | $6,005 |
| Year 4 | $41,800 | $6,506 | $35,294 | — | $498,489 | $12,511 |
| Year 5 | $41,800 | $6,978 | $34,822 | — | $491,512 | $19,488 |
| Year 6 | $41,800 | $7,485 | $34,315 | — | $484,027 | $26,973 |
| Year 7 | $41,800 | $8,028 | $33,772 | — | $475,999 | $35,001 |
| Year 8 | $41,800 | $8,611 | $33,189 | — | $467,388 | $43,612 |
| Year 9 | $41,800 | $9,236 | $32,564 | — | $458,152 | $52,848 |
| Year 10 | $41,800 | $9,907 | $31,893 | — | $448,245 | $62,755 |
| Year 11 | $41,800 | $10,626 | $31,174 | — | $437,619 | $73,381 |
| Year 12 | $41,800 | $11,398 | $30,402 | — | $426,221 | $84,779 |
| Year 13 | $41,800 | $12,225 | $29,574 | — | $413,996 | $97,004 |
| Year 14 | $41,800 | $13,113 | $28,687 | — | $400,883 | $110,117 |
| Year 15 | $41,800 | $14,065 | $27,735 | — | $386,818 | $124,182 |
| Year 16 | $41,800 | $15,086 | $26,713 | — | $371,732 | $139,268 |
| Year 17 | $41,800 | $16,182 | $25,618 | — | $355,550 | $155,450 |
| Year 18 | $41,800 | $17,357 | $24,443 | — | $338,193 | $172,807 |
| Year 19 | $41,800 | $18,617 | $23,183 | — | $319,576 | $191,424 |
| Year 20 | $41,800 | $19,969 | $21,831 | — | $299,607 | $211,393 |
| Year 21 | $41,800 | $21,419 | $20,381 | — | $278,189 | $232,811 |
| Year 22 | $41,800 | $22,974 | $18,826 | — | $255,215 | $255,785 |
| Year 23 | $41,800 | $24,642 | $17,158 | — | $230,573 | $280,427 |
| Year 24 | $41,800 | $26,431 | $15,368 | — | $204,141 | $306,859 |
| Year 25 | $41,800 | $28,351 | $13,449 | — | $175,791 | $335,209 |
| Year 26 | $41,800 | $30,409 | $11,391 | — | $145,382 | $365,618 |
| Year 27 | $41,800 | $32,617 | $9,183 | — | $112,765 | $398,235 |
| Year 28 | $41,800 | $34,985 | $6,814 | — | $77,779 | $433,221 |
| Year 29 | $41,800 | $37,526 | $4,274 | — | $40,254 | $470,746 |
| Year 30 | $41,803 | $40,254 | $1,549 | — | $0 | $511,000 |
VA Loan numbers for Rhode Island
- Typical Rhode Island home value
- $511,000
- 0% down ($0) · Zillow, August 31, 2026
- Loan amount
- $521,987
- Includes $10,987 financed funding fee
- Estimated monthly payment
- $4,164
- APR 7.242%
- Rhode Island property tax
- 1.12%
- $477/mo
- Homeowners insurance
- $2,445/yr
- $204/mo
- VA funding fee (first use)
- 2.15% · $10,987
- Financed; exempt with VA disability compensation
- Monthly savings vs FHA MIP
- $229/mo
- Same $511,000 home, FHA at 3.5% down
How much house can you afford in Rhode Island with a va loan?
Highest price where principal, interest, Rhode Island property tax and insurance, with the 2.15% VA funding fee financed and no monthly mortgage insurance stay within 28% of gross income —0% 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 | $124,000 | $0 | 24% |
| $75,000 | $1,750 | $199,000 | $0 | 39% |
| $100,000 | $2,333 | $274,000 | $0 | 54% |
| $125,000 | $2,917 | $350,000 | $0 | 68% |
| $150,000 | $3,500 | $425,000 | $0 | 83% |
| $200,000 | $4,667 | $575,000 | $0 | 112% |
| $250,000 | $5,833 | $726,000 | $0 | 142% |
VA 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 va loan in Rhode Island?
Estimated $4,164 per month ($3,483 principal & interest, $477 property tax, $204 insurance) at 7.03% for 30 years, with 0% down. APR 7.242%.
How much is the VA funding fee on a $511,000 Rhode Island home?
$10,987 (2.15%) for a first-time user with no down payment. Putting 5% down lowers it to 1.5%, and 10% down to 1.25%.
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
- VA — Funding fee and closing costs
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.