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As you’re house hunting, use our Oklahoma mortgage calculator to help alleviate some of the stress. By using this mortgage calculator, you can learn the monthly payment amount and total interest cost for your home purchase. You can experiment with a variety of scenarios by plugging in different home prices, down payment amounts, and interest rates to see if the payments work for your financial situation.
Key Points
• Use our Oklahoma mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.
• The calculator includes principal, interest, and estimated property tax.
• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.
• Oklahoma first-time homebuyer programs offer down payment and closing cost assistance.
• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowners provider to get a discount.
Oklahoma Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you’ve negotiated with the seller. This price may differ from the initial listing price and your first offer.
• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price. Buyers put down anywhere from 3% to 20%. Down payment assistance programs help some buyers gather the necessary funds.
• Loan term: The loan term is the length of time you have to repay the home loan. Common terms are 15 or 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market trends, and loan type.
• Annual property tax: The annual property tax is levied by local governments on land and buildings within their jurisdiction, and is expressed as a percentage of a property’s assessed value.
• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property taxes. This calculator does not include home insurance, private mortgage insurance (PMI), or homeowners association (HOA) fees.
• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.
• Total loan cost: The total loan cost is the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.
How to Use the Oklahoma Mortgage Calculator
Step 1: Enter Your Home Price
Enter the agreed-upon cost of the property.
Step 2: Select a Down Payment Amount
Specify your down payment. Refer to a down payment calculator to help you understand the impact of different down payment amounts on your monthly mortgage payments. A larger down payment can reduce your monthly payments and eliminate the need for PMI.
Step 3: Choose a Loan Term
Select the duration of your mortgage, typically 15 or 30 years. This choice impacts your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point, such as 6.75%. This rate significantly affects your monthly payments and the total interest you’ll pay over the life of the loan.
Step 5: Add Your Annual Property Tax
Enter the home’s property tax rate as a percentage. For example, type 1.2 if the rate is 1.2%. You can use the average effective tax rate for Oklahoma, which is .82%, or look up the specific rate for the property by searching its ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps you estimate how much house you can afford and provides a clear picture of what your monthly costs would be. It estimates these payments based on loan amount, interest rate, and term, and factors in the property taxes you’ll pay as well. An Oklahoma mortgage calculator is particularly helpful if you’re buying your first home, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).
If the type of mortgage loan you choose has a variable interest rate, you can estimate your costs using this calculator, but the estimate will be less precise due to the fluctuations of a variable rate.
Deciding How Much House You Can Afford
In Oklahoma, the median home sale price in mid-2025 was $254,400 — well below the national median of around $443,000, according to Redfin. Working under the 28/36 rule that says your maximum mortgage payment should be 28% of your gross income, you’d need to earn at least $57,000 in annual income if you were looking to afford a $250,000 home, factoring in a 20% down payment ($50,000), a 30-year mortgage at 7.00%, and an average Oklahoma annual property tax rate of 0.85%. Your other monthly debts shouldn’t exceed 36% of your gross income, or in this scenario, $382.
Going through the mortgage preapproval process with a lender can also help you estimate what loan size and type you can afford.
Your mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment, on the other hand, may also include property tax, which is based on your home’s value. If your down payment is less than 20%, PMI may be required. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.
If you are considering purchasing with the help of a Federal Housing Administration (FHA) loan, you will have an upfront and ongoing mortgage insurance premium to pay. Use an FHA mortgage calculator with this type of loan, which is still very affordable and popular with first-time buyers. Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.
Lastly, if you happen to be purchasing a higher priced property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Oklahoma
The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Oklahoma City, would go further than a dollar spent in a major city like New York or Los Angeles. Higher cost of living areas typically have higher average home prices, utilities, home maintenance, transportation, and other necessities. You can refer to the cost of living index (COLI) to figure out how much money it takes for you to maintain a basic standard of living in a given place. For example, a COLI higher than 100 means the region is more expensive than the national average, while a COLI below 100 indicates it is less expensive.
With a 2024 COLI of 86.0, Oklahoma is considered the most affordable state in the U.S., according to the Council for Community and Economic Research’s Cost of Living Index. Nearby states Texas and Kansas had 2024 COLI of 92.1 and 88.8, respectively.
As you consider purchasing a home in Oklahoma, this chart shows 2024 COLI figures for some of the major cities in Oklahoma:
Oklahoma Cities’ Cost-of-Living Stats
Edmond
89.6
Enid
92.4
Oklahoma City
82.3
Tulsa
84.7
Source: Council for Community and Economic Research’s Cost of Living Index.
Use a home affordability calculator to go further in your planning by factoring in your income, debts, and local property costs. This tool can help you navigate the financial landscape of Oklahoma and ensure your home purchase aligns with your financial goals and constraints.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Tips on Reducing Your Mortgage Payment
While home prices in Oklahoma are considered quite affordable compared to the national average, you still may be looking to reduce your monthly mortgage payment, because it’s a recurring expense. Here are some things you can do to lower your monthly mortgage payment:
• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.
• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.
• Review your property taxes regularly. If you think your property taxes are too high, go to your county assessor’s office and ask about the appeals process.
• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.
• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.
Oklahoma First-Time Homebuyer Assistance Programs
If you’re buying your first home in Oklahoma, there are federal down payment assistance programs available to help you cover the initial costs. These programs can provide financial aid for the down payment, closing costs, or both, making homeownership more accessible. To qualify, you must not have owned a primary residence within the past three years. On the state level, Oklahoma has a group of first-time homebuyer programs for Oklahoma residents.
For details and eligibility, go to the Oklahoma Housing Finance Agency (OHFA). You will see that some of the programs are geared toward first-time buyers, and some are tailored for individuals with low to middle incomes and for those employed in jobs that serve the community.
An Oklahoma mortgage calculator is a powerful tool for first-time homebuyers. Use it to estimate monthly payments, including principal, interest, and property taxes, and to test different scenarios to determine the combination of home price, down payment, and interest rate that are appropriate for your situation. While a calculator offers valuable insights, you’ll also want to seek out a lender for a personalized assessment and to explore various loan options and down payment scenarios.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
How does my credit score affect my mortgage loan interest rate?
Your credit score significantly affects your mortgage interest rate. A higher score often leads to better loan terms and lower interest rates, while a lower score may result in higher rates and more stringent lending requirements. For the lowest mortgage interest rate, aim for a credit score of 700 or higher, which is well over the 620 score you’ll need to qualify for a home loan.
How much should my down payment be on a mortgage?
How much you put down should be what you feel comfortable with, taking into account your financial situation. A 20% down payment can help avoid having to have PMI and it could reduce monthly payments and overall loan cost. A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home, while a repeat buyer may be able to contribute just 5%. To determine how much your down payment should be, review your entire financial picture and figure out what makes sense for you.
Should I choose a 30-year or 15-year mortgage term?
When choosing a mortgage term, consider that a 30-year term offers lower monthly payments but more interest over time, while a 15-year term has higher monthly payments but less interest paid overall. Assess your financial goals and budget when opting for a certain term.
How much would the payment be on a $250,000, 30-year mortgage?
The cost of a $250,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($50,000), your monthly payment would be $1,199. This estimate includes principal and interest but not property taxes, insurance, or other fees.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
