Mortgage FAQs
How to calculate a mortgage payment
Mortgage payments are calculated based on the loan amount, interest rate, and loan term. The formula takes into account the principal and interest payments over the life of the loan.
Formula for calculating a mortgage payment
The basic formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1], where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the number of payments over the loan's lifetime.
How a mortgage calculator helps you
A mortgage calculator simplifies the complex calculations involved in determining your monthly payments. It allows you to quickly see how different loan amounts, interest rates, and terms affect your payments.
How lenders decide how much you can afford to borrow
Lenders typically use the 28/36 rule: your monthly mortgage payments should not exceed 28% of your gross monthly income, and your total monthly debt payments should not exceed 36% of your gross monthly income.
Typical costs included in a mortgage payment
A typical mortgage payment includes principal, interest, property taxes, and homeowners insurance (PITI). Some loans may also include private mortgage insurance (PMI) or homeowners association (HOA) fees.
Reducing monthly mortgage payments
You can reduce your monthly payments by making a larger down payment, finding a lower interest rate, extending the loan term, or buying a less expensive home. Refinancing can also potentially lower your payments.
Monthly mortgage payments can go up
Your monthly payments can increase if you have an adjustable-rate mortgage (ARM) and interest rates rise, or if your property taxes or homeowners insurance premiums increase.
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Find out how much you can borrow for your dream home:
Oklahoma Mortgage and Refinance Rates Today (APR)
Accurate as of 8/7/2024.
| Product | Interest rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.092% | 6.169% |
| 20-year fixed-rate | 5.801% | 5.886% |
| 15-year fixed-rate | 5.116% | 5.224% |
| 10-year fixed-rate | 5.719% | 5.948% |
| 7-year ARM | 6.030% | 7.109% |
| 5-year ARM | 6.144% | 7.420% |
| 30-year fixed-rate FHA | 5.969% | 6.741% |
| 30-year fixed-rate VA | 5.219% | 5.588% |
Data source: ©Zillow, Inc. 2006 – 2024. Use is subject to the Terms of Use
Average Property Tax in Oklahoma Counties
Taking U.S. Census data, NerdWallet has crunched the numbers to help you understand what property tax rate you can expect to pay on your future home in Oklahoma. Because assessed values aren't frequently updated, you may pay a higher rate at first but eventually you'll pay a similar rate.
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Adair County | 0.62% | $89,100 |
| Alfalfa County | 0.67% | $71,800 |
| Atoka County | 0.51% | $82,900 |
| Beaver County | 0.74% | $86,900 |
| Beckham County | 0.75% | $103,800 |
| Blaine County | 0.79% | $76,800 |
| Bryan County | 0.65% | $119,900 |
| Caddo County | 0.67% | $81,900 |
| Canadian County | 1.06% | $167,900 |
| Carter County | 0.75% | $103,800 |
| Cherokee County | 0.67% | $115,800 |
| Choctaw County | 0.54% | $75,900 |
| Cimarron County | 0.74% | $80,100 |
| Cleveland County | 1.06% | $171,800 |
| Coal County | 0.51% | $75,800 |
| Comanche County | 0.87% | $123,000 |
| Cotton County | 0.67% | $67,100 |
| Craig County | 0.67% | $84,900 |
| Creek County | 0.87% | $112,900 |
| Custer County | 0.84% | $126,300 |
| Delaware County | 0.59% | $126,800 |
| Dewey County | 0.67% | $84,900 |
| Ellis County | 0.74% | $86,900 |
| Garfield County | 1.01% | $106,900 |
| Garvin County | 0.67% | $88,000 |
| Grady County | 0.84% | $126,300 |
| Grant County | 0.67% | $71,800 |
| Greer County | 0.75% | $61,800 |
| Harmon County | 0.75% | $51,100 |
| Harper County | 0.74% | $80,100 |
| Haskell County | 0.54% | $84,900 |
| Hughes County | 0.67% | $71,800 |
| Jackson County | 0.75% | $88,000 |
| Jefferson County | 0.67% | $61,800 |
| Johnston County | 0.51% | $82,900 |
| Kay County | 0.96% | $84,900 |
| Kingfisher County | 0.79% | $126,300 |
| Kiowa County | 0.75% | $67,100 |
| Latimer County | 0.54% | $84,900 |
| Le Flore County | 0.54% | $93,000 |
| Lincoln County | 0.79% | $112,900 |
| Logan County | 0.96% | $154,000 |
| Love County | 0.65% | $93,000 |
| Major County | 0.74% | $93,000 |
| Marshall County | 0.65% | $103,800 |
| Mayes County | 0.67% | $112,900 |
| McClain County | 0.84% | $154,000 |
| McCurtain County | 0.54% | $84,900 |
| McIntosh County | 0.59% | $103,800 |
| Murray County | 0.67% | $103,800 |
| Muskogee County | 0.87% | $93,000 |
| Noble County | 0.84% | $93,000 |
| Nowata County | 0.67% | $75,900 |
| Okfuskee County | 0.67% | $71,800 |
| Oklahoma County | 1.06% | $154,000 |
| Okmulgee County | 0.87% | $84,900 |
| Osage County | 0.87% | $103,800 |
| Ottawa County | 0.67% | $84,900 |
| Pawnee County | 0.79% | $93,000 |
| Payne County | 0.96% | $154,000 |
| Pittsburg County | 0.67% | $103,800 |
| Pontotoc County | 0.75% | $112,900 |
| Pottawatomie County | 0.87% | $126,300 |
| Pushmataha County | 0.51% | $75,900 |
| Roger Mills County | 0.74% | $93,000 |
| Rogers County | 0.96% | $154,000 |
| Seminole County | 0.67% | $75,900 |
| Sequoyah County | 0.59% | $93,000 |
| Stephens County | 0.75% | $103,800 |
| Texas County | 0.74% | $112,900 |
| Tillman County | 0.75% | $61,800 |
| Tulsa County | 1.06% | $154,000 |
| Wagoner County | 0.96% | $154,000 |
| Washington County | 0.96% | $126,300 |
| Washita County | 0.75% | $88,000 |
| Woods County | 0.74% | $93,000 |
| Woodward County | 0.84% | $126,300 |