Current Avg. Rates: 6.46% 30-yr fixed|5.77% 15-yr fixed
Source: Freddie Mac Primary Mortgage Market Survey
Source: Freddie Mac Primary Mortgage Market Survey
Boston vs Providence: Mortgage Cost Comparison
Thinking about buying in Boston or Providence? Here's a side-by-side comparison of mortgage costs in both cities.
$4,632
Boston PITI
$2,549
Providence PITI
$2,083/mo
Difference
Your Monthly Payment (PITI)
-
Principal + Interest + Tax + Insurance
Monthly Breakdown
-
Property Tax
-
Insurance
Loan Overview
-
Total Interest
-
Payoff Date
Bi-Weekly Option
? Pay half your monthly payment every two weeks — you'll make 26 half-payments (13 full payments) per year instead of 12
-
Bi-Weekly Payment
-
Total Interest
-
Payoff Date
Boston vs Providence: Full Mortgage Comparison
Buying a home in Providence is $2,083/month cheaper based on average home prices and local costs.
| Boston, MA | Providence, RI | |
|---|---|---|
| Avg. Home Price | $750,000 | $370,000 |
| Down Payment (20%) | $150,000 | $74,000 |
| Loan Amount | $600,000 | $296,000 |
| Property Tax Rate | 1.05% | 1.7% |
| Annual Property Tax | $7,875 | $6,290 |
| Annual Insurance | $2,200 | $1,850 |
| Monthly P&I | $3,792 | $1,871 |
| Monthly PITI | $4,632 | $2,549 |
| Total Interest (30yr) | $765,267 | $377,532 |
What Drives the Difference?
Home prices are the biggest factor — Boston’s average home costs $380,000 more than Providence’s.
Property taxes also favor Boston — Providence’s 1.7% rate is higher than Boston’s 1.05%.
Insurance is $350/year more in Boston.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Boston | Providence | |
|---|---|---|
| Monthly PITI | $4,632 | $2,549 |
| Income needed | $198,514 | $109,254 |
Try Your Own Numbers
The calculator above is pre-filled with Boston’s averages. Adjust the values to match your situation, or try the Providence calculator for Providence-specific numbers.