Oklahoma is a great place for first-time homebuyers and those who are looking to reduce their expenses. Homeowners in Oklahoma spend $1,005 per month on average for their mortgages. With a median home value of $125,400, Oklahoma is one of the most affordable states for buying a house. Housing is 19% cheaper in Oklahoma than the national average.
However, several factors affect your budget. When it comes to a mortgage, your property taxes, interest rates, loan terms and other factors affect your monthly rates.
MoneyGeek’s Oklahoma mortgage calculator will help you get a personalized monthly payment quote by letting you input numbers specific to your needs. You can use rates and prices that apply to your desired loan or Oklahoma statistics.
Start Here: Plug In Your Mortgage Factors
MoneyGeek’s Oklahoma mortgage calculator calculates an estimate of monthly payments by accounting for 12 factors. We have included a guide below with more information about these factors.
Simply Estimate Your Loan Payments, Taxes & PMI.
Updated: Sep 20, 2023
Optional: add taxes, insurance, HOA Fees
Total Monthly Payment
*Optional: add taxes, insurance, HOA Fees
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Why and How to Use Our Mortgage Calculator
Taking out a loan entails in-depth research and preparation. Using a mortgage calculator can help you understand your financial responsibilities. The information can help you adjust your budget to accommodate monthly payments and plan for factors that influence housing costs.
Our Oklahoma mortgage calculator gives you the freedom to adjust numbers so you can see a variety of possible outcomes. For example, you can try setting a lower home price and extending the loan terms to see how low monthly payments can be. You can also input Oklahoma’s average rates or your target loan conditions. Use these numbers in the following factors:
Enter the price of the house you’re planning to buy or the budget that you have. Clicking “Enter a loan amount instead” allows you to use the loan amount in your calculation.
You can use a dollar amount or a percentage.
Interest rates depend on the kind of loan you get. You can find mortgage rates in MoneyGeek’s current mortgage rate report.
Select the length of time you need to repay the loan. The standard mortgage terms are 10, 15, 20 and 30 years.
Payments per Year:
For monthly installations, input the number 12.
The annual property tax in Oklahoma averages $1,952 and the real estate tax rate is 0.90%.
Some locations have homeowners associations (HOA) that require paying certain fees. You can include these dues annually or monthly in the calculator.
Principal & Interest:
The principal pays off the original amount of money you borrowed, while interest is an added cost you pay to the lender for borrowing money.
Once you’ve factored in all the costs, this amount is what you’ll likely have to pay for your mortgage every month.
The principal payment is the amount that goes to paying off your balance.
The interest is the part of the mortgage that’s paid first, and it decreases as you pay your principal balance.
Total Cost with Interest:
This is the sum of the payment of the principal and interest.
If you’re looking to reduce your expenses, the following are tips to lower your monthly payment:
- Find a different location. Other states have cheaper monthly averages. For example, Iowa has an average monthly payment of $970, while Oklahoma’s is $1,005.
- Find a lower interest rate. Interest is one of the most significant factors to consider when taking out a mortgage. Consider comparing different loans to find the best interest rates.
- Increase your down payment. The more you pay in the down payment, the less principal you’ll need to borrow.
- Find a cheaper house. Another way to reduce the principal amount is to find a cheaper house. You might need to make some compromises in some aspects of the house, but you could make up for them in savings.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
Buying a house involves research, comparing data, crunching numbers and questions. MoneyGeek has gathered the information you may need to guide you in your next steps:
- Shop & Compare Rates - Knowing the rates for various loans helps you make better financial decisions. Check out the rates in Oklahoma on MoneyGeek’s rate page.
- Not Ready to Buy? - Not sure if you’re ready to buy a house? Our Rent Vs. Buy Guide will help you weigh the pros and cons of buying and renting.
- Learn More - Aside from rates, exploring different kinds of loans such as FHA loans, VA home loans and reverse mortgages can help you find the best option.