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Providence County FHA Loan Calculator

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

Loan Details

Providence County, RI Benchmarks

FHA averages
Typical Property Value$484,992
Average Down Payment9.8%
Average Interest Rate6.334%
Effective Tax Rate1.19%
Median Tax Paid$4,683/yr
Tax Growth (Historical)-2.5%
Based on 2,435 regional loans totaling $1,029,075,000 (HMDA database).
$
%

$47,529 down · $437,463 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$481 / month

$

Annual premium

$

Per month

%

$185 / month

Estimated Monthly Payment

$3,580/mo

  • Principal & Interest$2,764
  • Property Tax$481
  • Home Insurance$150
  • FHA MIP$185
Amortization · Remaining Balance

Financed Loan Amount

$445,118

Total Interest

$549,876

Total of Payments

$994,994

*Includes financed FHA Upfront MIP of $7,656

Local Market Insights

Providence County FHA Mortgage Overview

For Providence County homebuyers, the 9.77% weighted average down payment on an FHA loan offers accessible entry, but the 90.23% LTV confirms mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan—ideal for those with a sub-620 credit score. With an average property value of $484,991.78 and a 6.334% rate, the effective 1.19% tax rate adds roughly $481 monthly. However, the recent -2.5% inflation-adjusted tax change provides slight relief. When evaluating an FHA loan down payment in Providence County, Rhode Island, remember this data reflects 100% owner-occupied purchases, not investments.

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.