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Closing costs in Rhode Island

See how much you might have to shell out in closing costs when you buy or sell a home in this state.

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Britny Lawhorn
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According to data from ClosingCorp, the average closing cost in Rhode Island is $4,527 after taxes, or approximately 1.13% to 1.51% of the final home sale price.

Closing cost stats in Rhode Island

Across the state, the average home sells for between $300,000 and $400,000. If you buy a property in that range, expect to pay between $3,395 and $6,036 in closing costs after taxes.

Data Value
Average home sale price $300,000 to $400,000
Average total closing cost $4,527
Expected closing cost range $3,395 to $6,036
Percentage of closing cost to home sale price 1.13% to 1.51%
Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether or not you're paying in cash.

How much does tax affect the closing cost?

Buyers and sellers in Rhode Island pay an average of $1,615 in tax combined for the closing. This accounts for 35.67% of the total average closing cost in Rhode Island.

Value
Average tax paid $1,615
Percentage of total closing cost 35.67%
SoFi

SoFi
(NMLS #1121636)

Buyers and sellers in Rhode Island pay an average of $4,527 in closing costs.

No hidden fees, multiple loan terms, and member discounts available.
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Features
  • Prequalify without affecting your credit score
    Flexible terms beyond traditional 15- and 30-years
    Not available in: AK, HI, MO, NH, NM, NY, SD, WV

How do closing costs in Rhode Island compare nationally?

The closing costs for buying a home in Rhode Island are above the national average after accounting for taxes. It’s 26 in our rankings which rates states from lowest to highest closing cost.

Average total closing cost in Rhode Island Ranking*
Before taxes $2,912 25
After taxes $4,527 26

*Ranked from lowest to highest of the 50 states plus Washington DC

Bottom line

Closing costs are inevitable when you're buying or selling a property. The exact amount will vary depending on where the property is located in Rhode Island.

To save on your home loan, consider comparing the fees and rates of top lenders before signing.

Compare mortgage lenders and brokers

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
620
No hidden fees, multiple loan terms, and member discounts available.
See rates
More Info
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
See rates
More Info
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
See rates
More Info
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  1. ClosingCorp. (September 2020). ClosingCorp reports average mortgage closing cost data for 2019 [Press release]. https://www.closing.com/wp-content/uploads/2020/03/CC_2019ClosingCostsReport_FINAL_040120.pdf

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