Can I Afford a $100K Home in Rhode Island?
Complete mortgage breakdown for a $100,000 home in Rhode Island, including monthly payments, property taxes, insurance, and the salary you need to qualify.
Estimated Monthly Payment (20% down)
$801/mo
P&I: $526 + Tax: $117 + Insurance: $158
Monthly Payment by Down Payment
| Down Payment | Amount | Monthly | Income Needed |
|---|---|---|---|
| 3% | $3,000 | $953 | $40,827 |
| 5% | $5,000 | $939 | $40,229 |
| 10% | $10,000 | $904 | $38,732 |
| 20% | $20,000 | $801 | $34,309 |
Monthly Cost Breakdown (Rhode Island)
Principal & Interest
$526/mo
Property Tax (1.4%)
$117/mo
Homeowners Insurance
$158/mo
Total Interest (30-yr)
$109,195
Affordability Rules of Thumb
28% Rule (Housing)
$34,309/yr
Minimum gross income
36% Rule (All Debt)
$26,685/yr
If no other debt
3Ã Income Rule
$33,333/yr
Conservative target
Buying a $100K Home in Rhode Island
A $100,000 home in Rhode Island is at or below the national median home price. With a 20% down payment of $20,000, your estimated monthly payment of $801 is achievable on a salary of $34,309 or more. Rhode Island's property tax rate of 1.4% is near the national average.
These estimates assume a 6.875% 30-year fixed mortgage rate. Use our mortgage calculator for custom scenarios, or check what salary you can afford in Rhode Island.