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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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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.
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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% |
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.
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