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Washington County FHA Loan Calculator

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

Loan Details

Washington County, RI Benchmarks

FHA averages
Typical Property Value$519,639
Average Down Payment16.3%
Average Interest Rate6.288%
Effective Tax Rate0.91%
Median Tax Paid$5,102/yr
Tax Growth (Historical)-0.1%
Based on 166 regional loans totaling $68,070,000 (HMDA database).
$
%

$84,701 down · $434,938 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$394 / month

$

Annual premium

$

Per month

%

$184 / month

Estimated Monthly Payment

$3,465/mo

  • Principal & Interest$2,736
  • Property Tax$394
  • Home Insurance$150
  • FHA MIP$184
Amortization · Remaining Balance

Financed Loan Amount

$442,549

Total Interest

$542,546

Total of Payments

$985,095

*Includes financed FHA Upfront MIP of $7,611

Local Market Insights

Washington County FHA Mortgage Overview

In Washington County, the 16.28% average down payment on an FHA loan provides accessible entry, but note that mandatory Mortgage Insurance Premiums (MIP) are required for the life of the loan, even with this equity. The 83.72% loan-to-value ratio confirms this is a low-risk, owner-occupied market—ideal for buyers with sub-620 credit scores. With an effective property tax rate of 0.91% and a slight inflation-adjusted decrease of -0.1%, monthly affordability remains stable. When using an FHA loan down payment tool for Washington County, RI, factor in these MIP costs and property taxes to gauge true monthly expense.

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.