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Kent County FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Kent County, Rhode Island based on real HMDA transaction records.

Loan Details

Kent County, RI Benchmarks

FHA averages
Typical Property Value$430,883
Average Down Payment11.0%
Average Interest Rate6.372%
Effective Tax Rate1.37%
Median Tax Paid$4,957/yr
Tax Growth (Historical)-1.9%
Based on 719 regional loans totaling $266,335,000 (HMDA database).
$
%

$47,397 down · $383,486 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$492 / month

$

Annual premium

$

Per month

%

$163 / month

Estimated Monthly Payment

$3,238/mo

  • Principal & Interest$2,433
  • Property Tax$492
  • Home Insurance$150
  • FHA MIP$163
Amortization · Remaining Balance

Financed Loan Amount

$390,197

Total Interest

$485,699

Total of Payments

$875,896

*Includes financed FHA Upfront MIP of $6,711

Local Market Insights

Kent County FHA Mortgage Overview

For Kent County homebuyers using an FHA loan, the 10.98% down payment provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, regardless of equity. This is ideal for those with sub-620 credit scores. The 89.02% loan-to-value ratio confirms this is a low-equity start. With a 1.37% effective property tax rate and a recent -1.9% inflation-adjusted tax decrease, monthly affordability is slightly improved. For accurate budgeting, consider an FHA loan calculator with PMI and taxes in Kent County, RI, as property taxes directly impact your payment.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.