How to Use the Oklahoma Mortgage Calculator

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:

Source: Council for Community and Economic Research’s Cost of Living Index.

In fact, Edmond, Oklahoma, with a 2024 COLI of 89.6, is listed among the best affordable places in the U.S.

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.

Recommended: The Cost of Living in the U.S.

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.

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

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.

How to Use the North Dakota Mortgage Calculator

Cost of Living in North Dakota

The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Fargo, 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 91.4, North Dakota has a similar cost of living with nearby states like South Dakota (91.9) and Minnesota (94.6), according to the Council for Community and Economic Research’s Cost of Living Index. The chart below shows 2024 COLI figures for metropolitan areas in North Dakota and the Minnesota border:

Source: Council for Community and Economic Research’s Cost of Living Index.

As you launch into your home-buying journey, consider cities like Grafton, Jamestown and Valley City, which all landed on our best affordable places in the U.S. list. 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 ensure your home purchase aligns with your financial goals and constraints.

Recommended: The Cost of Living in the U.S.

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in North Dakota, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. Here are some things you can do to decrease 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 local board of equalization 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.

•  Look into loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

North Dakota First-Time Homebuyer Assistance Programs

If you’re buying your first home, there’s help available to guide you through the process. Often you can qualify as a first-time homebuyer even if you have owned a primary residence before, as long as it has not been within the past three years.

In North Dakota, there are a variety of first-time homebuyer assistance programs that provide financial aid to help cover the initial costs of purchasing a home, such as the down payment, closing costs, or both, which can be substantial. These programs can make homeownership more accessible. Check with the North Dakota Housing Finance Agency for more information.

If you are purchasing a pricey property, consider something called a jumbo loan. This type of mortgage loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA).

Recommended: Do You Qualify as a First-Time Homebuyer?

The Takeaway

A North Dakota mortgage calculator estimates your monthly payments and total home costs. It can be useful for anyone considering a home loan, especially first-time homebuyers. The tool helps you understand the impact of different down payment amounts and explore various loan scenarios. By using the calculator, you can better prepare for the financial commitment of homeownership.

How to Use the New York Mortgage Calculator

Cost of Living in New York

Overall, New York has a high cost of living, averaging 25.1% more than the national average. As you’re figuring out your costs, it’s important to remember that areas with a higher cost of living tend to have higher prices not only for homes, but also for utilities, home maintenance, transportation, and other necessities.

That said, even though New York state is not one of the best affordable places in the U.S., cost of living can vary enormously within the state. The Council for Community and Economic Research’s Cost of Living Index (COLI) compares the cost of living in major metro areas against the national average, which is 100, and as you can see below, there is a wide range, with some cities even falling below the national average.

Recommended: Average Monthly Expenses for One Person

Tips on Reducing Your Mortgage Payment

Depending on your situation, some of these strategies may help you whittle down the size of your mortgage payments.

•   Think about making a larger down payment. Paying more upfront may help you avoid having to pay PMI and allow you to secure better loan terms.

•   Work on improving your credit score. A higher score can help you qualify for lower interest rates.

•   Explore down payment assistance programs. These programs often target people buying their first home, but if you haven’t owned a home in the last three years, you may qualify as a first-time homebuyer and be able to get financial help with your down payment.

•   Drop PMI as soon as you’re eligible. Once you have 20% equity in your home, you can request that your lender cancel your PMI payments.

•   Appeal high property taxes. If you believe that your property has been overvalued, you can appeal the assessment to your tax authority.

•   Lower your homeowners insurance premiums. Increase your deductible, bundle policies for a discount, or shop around for a cheaper homeowners insurance policy.

•   Consider a mortgage refinance. If you currently have a home loan and a refi can lower your interest rate or extend your term, that may lower your payments.

New York First-Time Homebuyer Assistance Programs

If this is the first home you’ve bought, you’ll be glad to know that in New York there are assistance programs available to help you with the costs. The State of New York Mortgage Agency and other organizations offer several assistance programs for first-time homebuyers to provide low-interest and low-down payment loans and help with down payment and closing costs. If you’re a repeat buyer, be aware that you may still be considered as a first-time homebuyer as long as you haven’t owned a primary residence within the past three years.

The Takeaway

Using a New York mortgage calculator can enable you to make smart home purchasing decisions by showing you the financial results of different loan terms. Whether you’re buying your first home or looking to refinance your existing mortgage, this indispensable tool can let you make well-informed choices about your home loan options and ensure that your mortgage fits comfortably within your budget.

How to Use the Nebraska Mortgage Calculator

Cost of Living in Nebraska

The cost of living reflects how much you can afford in a certain area. For instance, a dollar spent in Omaha, Nebraska, would go further than a dollar spent in a major city like New York or Los Angeles. You would expect to pay higher average home prices, utilities, home maintenance, transportation, and other necessities in places with a higher cost of living, so 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. 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.

Nebraska’s 2024 COLI was 92.6, according to the Council for Community and Economic Research’s Cost of Living Index. That figure is a bit lower than Colorado’s 2024 COLI at 102.7, which means it’s less expensive to live in Nebraska than in Colorado. For another comparison, consider South Dakota’s 2024 COLI was 91.9, much more in line with Nebraska’s. New York and California, with COLI of 125.1 and 142.3, respectively, are much more expensive states.

To further help you compare the cost of living in Nebraska, look at Lincoln’s COLI at 94.4 and Omaha’s at 91.9. And if you’re considering buying a home in one of the best affordable places in the U.S., you can use this cost of living index as a tool to help you decide where to live.

Recommended: Average Monthly Expenses for One Person

Tips on Reducing Your Mortgage Payment

If you are a homebuyer in Nebraska, you are probably looking to reduce your mortgage payment so you can allocate funds to other expenses or continue to build an emergency fund. 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.

•  When 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 clerk or county assessor’s office and ask about the appeals process.

•  See if your insurer offers a discount for bundling policies. Some insurers offer a discount if you purchase more than one policy with them, for example both a homeowners and auto policy.

•  If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.

•  Consider something called a loan modification if you are experiencing financial hardship. A modification changes the terms of a loan, like having a new repayment timetable, a lower interest rate, or a switch from an adjustable rate to a fixed rate. Be prepared to show bank statements or tax returns to demonstrate your financial situation.

Nebraska First-Time Homebuyer Assistance Programs

For first-time homebuyers, there are programs that can make homeownership more achievable by reducing the upfront financial burden. To qualify as a first-time homebuyer, you must not have owned a primary residence within the past three years. Down payment assistance programs, which can provide financial aid for the down payment, closing costs, or both, can help make homeownership more accessible.

For first-time homebuyers in Nebraska, the Nebraska Investment Finance Authority offers programs, some of which cater to veterans.

The Takeaway

Using the Nebraska mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand mortgage components, and make informed decisions about your home loan. By using this tool, you can better navigate homeownership and align your budget with your goals. The Nebraska mortgage calculator can be a helpful resource for first-time homebuyers and those considering refinancing.

If you are looking into purchasing a very pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA).