Rhode Island First-Time Homebuyer Calculator
First-time homebuyer costs in Rhode Island: $14,350 FHA down payment, $12,300 closing costs, 1.63% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for Rhode Island. Includes down payment, closing costs (3%), PMI (required below 20% down), property tax (1.63%), and homeowners insurance ($2,050/yr). Note: Rhode Island requires an attorney at closing. DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
Rhode Island homebuyer facts: Median price $410,000 | 20% down = $82,000 | FHA 3.5% down = $14,350 | Closing costs ~$12,300 | Property tax 1.63% | Attorney required at closing.
Frequently Asked Questions
How much do I need to buy a house in Rhode Island?
For Rhode Island's median home ($410,000): FHA minimum down payment is $14,350 (3.5%), plus $12,300 in closing costs. Total minimum: ~$26,650. With 20% down to avoid PMI: ~$94,300.
What are closing costs in Rhode Island?
Rhode Island closing costs average 3% of the home price, or about $12,300 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and required attorney fees. Transfer taxes are 0.46%.
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