Mortgage Payment in Oklahoma

Market Overview: Oklahoma Housing Affordable

Oklahoma ranks as a entry-level / affordable housing market, with a median home price of $245,000. The state's effective property tax rate of 0.79% is below the national average of 0.90% (about 12% lower than the average state), and annual homeowners insurance averaging $2,268 falls well above the US average of $1,492 (about 52% higher than the average state).

These three factors — price level, tax burden, and insurance costs — combine to shape the true monthly cost of homeownership in Oklahoma. Below we break down a realistic purchase scenario using state-specific data.

📊 How Oklahoma Compares to the Other 50 States

Rank 1 is the cheapest. Every row below uses the same 20% down, 6.5% APR and 30-year term as the rest of this page.

Measure	Oklahoma	Rank	Lowest of the 51
Median home price	$245,000	#3 of 51	West Virginia ($225,000)
Effective property tax rate	0.79%	#26 of 51	Hawaii (0.29%)
Average homeowners insurance	$2,268/yr	#48 of 51	Oregon ($893/yr)
Est. monthly payment	$1,589/mo	#4 of 51	West Virginia ($1,326/mo)

The same $1,589/month would cover the median-priced home in 4 other states, including West Virginia ($1,326/month) and Alabama ($1,589/month).

Within the South region, Oklahoma has the #4 lowest median-price monthly payment of the 17 states there.

📍 Oklahoma's Largest County: Oklahoma County

Everywhere else on this page Oklahoma is one set of numbers — one median price, one tax rate, one insurance premium. The U.S. Census Bureau's American Community Survey publishes the same kind of measures for individual counties, so here is Oklahoma's most populous county — Oklahoma County — from the 2020–2024 ACS 5-year estimates release.

Oklahoma County — 2020–2024 ACS 5-year estimates	Estimate
Population	806,199
Median home value (owner-reported)	$222,900
Median real estate taxes paid (annual)	$2,155
Effective property tax rate (taxes ÷ value)	0.97%
Median household income	$66,679

Two things to keep in mind before you use these numbers. First, the Census asks owners what their home is worth: this is a five-year survey estimate, not the sale price of homes that changed hands, so it is not comparable with the sale-price figures elsewhere on this page. Second, 0.97% is the median tax bill divided by the median home value, which is a different calculation from the statewide effective rate in the comparison table above (that one weighs total taxes collected against total value).

Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (B01003 population; B25077 median home value; B25103 median real estate taxes paid; B19013 median household income). Retrieved 2026-09-24. Learn how the American Community Survey collects these estimates.

🏡 Purchase Example: Buying a $245,000 Home in Oklahoma

Using the state's median home price of $245,000, a 20% down payment, and a 6.5% 30-year fixed rate, here is the complete picture of what it costs to buy in Oklahoma:

Cost Component	Amount
Home Price	$245,000
Down Payment (20%)	$49,000
Loan Amount	$196,000
Estimated Closing Costs (3.5%)	$8,575
Total Cash Needed at Closing	$57,575

Monthly Payment (20% Down)

Item	Monthly
Principal & Interest	$1,239
Property Taxes (0.79%)	$161
Homeowners Insurance	$189
PMI (not needed at 20% down)	$0
Total Monthly Payment	$1,589

Annual income needed (28% DTI): $69,000/yr

PMI Scenario: What If You Put Only 10% Down?

With a 10% down payment ($24,500), you'd have a loan of $220,500 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.85% of the loan annually:

Item	10% Down	20% Down (savings)
Principal & Interest	$1,394	$1,239
Monthly PMI	$156	$0
Total PITI+PMI	$1,900	$1,589

The lower down payment costs you an extra $311/month (P&I + PMI). You would need $82,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.

First-year interest: In year one, $12,675 of your payments go to interest alone. Over the full 30-year term, you'll pay $249,987 in total interest.

💰 State-Specific Cost Notes for Oklahoma

Property taxes in Oklahoma are 0.79%, meaning about $1,936/year ($161/month) on the median-priced home.

Homeowners insurance in Oklahoma is among the more expensive in the country — $2,268/year ($189/month), about 52% above the national average of $1,492. Premiums this high are usually driven by weather exposure, so it is worth comparing quotes from several insurers before you commit.

Closing costs in a entry-level / affordable market like Oklahoma typically run 2%–4% of the purchase price — roughly $8,575 on a $245,000 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.

Monthly Payment on a $245,000 Home in Oklahoma

With a standard 20% down payment ($196,000 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $1,589.

Monthly Payment Breakdown (PITI)

Component	Monthly Cost	Annual Cost
Principal & Interest	$1,239	$14,868
Property Taxes (0.79% est.)	$161	$1,932
Home Insurance	$189	$2,268
Total Monthly Payment	$1,589	$19,068

Income Required in Oklahoma

Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $69,000 to comfortably afford the median-priced home in Oklahoma with 20% down at 6.5%.

How Interest Shapes Your Payments

In your first year, approximately $12,675 goes toward interest alone. Over the full 30-year term, you'll pay a total of $249,987 in interest.

Amortization Schedule — First 10 Years

* Full 30-year amortization available in our interactive calculator.

❓ Frequently Asked Questions — Buying a Home in Oklahoma

Compare Oklahoma With Nearby States

Buyers relocating within the South compare these markets most often. Every figure uses the same model as this page — each state's median home price, 20% down, 6.5% APR on a 30-year fixed loan, plus that state's property tax rate and average insurance premium — so the rows are directly comparable.

At $1,589/month for Oklahoma's median home, Oklahoma sits below the South average of $1,862/month for the states listed here.

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