Oklahoma Mortgage Calculator
Calculate your Oklahoma mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton, and all of Oklahoma.
Useful for home buyers in Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton, and all of Oklahoma.
Why use an Oklahoma Mortgage Calculator?
Oklahoma has low property tax rates and affordable housing. This calculator estimates your payment, PMI, property tax, and closing costs.
Oklahoma has low property tax rates and affordable housing. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
Oklahoma Property Tax: The average effective property tax rate is about 0.89%. Closing costs in Oklahoma are typically 2-5% of the purchase price.
Average Home Prices in Major Oklahoma Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Oklahoma City | $235,000 | $210,000 | $190,000 | $160,000 |
| Tulsa | $220,000 | $195,000 | $175,000 | $150,000 |
| Norman | $250,000 | $225,000 | $200,000 | $175,000 |
| Broken Arrow | $245,000 | $220,000 | $195,000 | $170,000 |
| Lawton | $155,000 | $140,000 | $125,000 | $110,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in Oklahoma
- Property Tax: Oklahoma's average effective property tax rate is about 0.89%. Property taxes are paid annually, usually in two installments.
- Documentary Tax: Oklahoma charges a documentary stamp tax of $0.75 per $500 of the property's value (0.15%), typically paid by the seller.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: Oklahoma's closing costs include title insurance, lender fees, and other expenses, typically averaging 2-5% of the loan amount.
Example: On a $220,000 home with 10% down in Oklahoma City, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
Oklahoma's average effective property tax rate is about 0.89% of the home's value, though this varies by county and municipality. Oklahoma has relatively low property taxes compared to the national average.
Yes, Oklahoma has a documentary stamp tax of $0.75 per $500 of the property's value (0.15%). This tax is typically paid by the seller, though this can be negotiated in the purchase agreement.
Yes, Oklahoma offers a homestead exemption that can reduce the assessed value of your home by $1,000 for property tax purposes. There are additional exemptions available for seniors, veterans, and disabled individuals.