What’s the average mortgage payment in Oklahoma?

Known for its wide-open plains, growing metros like Oklahoma City and Tulsa, and a relatively low cost of living, Oklahoma continues to attract buyers looking for affordability without sacrificing amenities. The state’s housing market tends to offer steady price growth and accessible entry points, making it appealing to both first-time buyers and repeat homeowners.

According to data collected from Redfin and Rocket Mortgage, the average monthly mortgage payment in Oklahoma is roughly $1,535 before property taxes and insurance. That places Oklahoma well below the national average of $2,010 per month.

An overview of the Oklahoma housing market

Based on housing data from October 2025, the median sale price in Oklahoma is $257,000, up around 5% from last year. While the median is relatively low, the price range can vary widely depending on where in the state you buy.

Here’s a snapshot of recent median sale prices from Redfin:

What influences mortgage payments in Oklahoma?

Your monthly mortgage payment typically includes principal, interest, taxes, and insurance, often called PITI. Each component plays a role in how much you ultimately pay per month. The Rocket Mortgage® mortgage calculator can help you break down these costs to see how each factor affects your payment.

Home price and down payment

Home prices in Oklahoma sit well below national averages, which means the base loan amount tends to be more manageable for many buyers. For example, with a 20% down payment on a $257,000 home in Oklahoma and a 30-year fixed mortgage at 6.5%, your estimated payment would be about $1,283 before adding taxes and insurance.

Putting down less than 20% could reduce your upfront costs, but typically results in a higher monthly payment since you’ll borrow more and will likely need to pay private mortgage insurance.

Mortgage rate

Your mortgage interest rate determines the total interest you pay over time. It can fluctuate based on several factors: 

• Your credit score
• Total down payment
• The type of loan you choose
• Current market rates 
• Your debt-to-income ratio (DTI)
• Home type and location 

Since even small rate changes can make a big difference, it’s important to check mortgage rates regularly.

Loan term

Your loan term, or repayment period, directly affects your monthly cost. A 30-year fixed mortgage spreads payments over a longer period, resulting in lower monthly payments but more interest paid over the life of the loan. A 15-year fixed mortgage increases your monthly payment but reduces long-term interest, allowing you to build equity faster.

Property taxes and insurance

Property taxes in Oklahoma are relatively low compared to other states, with an average of about 0.82%. On a typical home valued at $185,900, that works out to roughly $127 per month added to your mortgage payment.

However, homeowners insurance costs in Oklahoma are one of the highest in the country at around $583 per month. The higher price is largely due to severe weather risk. 

Mortgage payments in Oklahoma compared to other states

Home prices are well below the national average in Oklahoma, which means average monthly mortgage payments tend to be lower as well.

Compared to surrounding states, Oklahoma sees the lowest average monthly mortgage payment in the area:

Even on a national level, Oklahoma has the third-lowest average monthly mortgage payment; it’s only around $100 more than the lowest: Michigan. 

Highest monthly payments in Oklahoma

According to Q1 2025 median sale prices from the National Association of REALTORS®, even the most expensive areas in Oklahoma have lower estimated monthly mortgage payments than the national average of $2,010. Here are the five highest in the state:

Lowest monthly payments in Oklahoma

The five counties with the lowest estimated monthly payments in Oklahoma don’t exceed $600 per month: 

How to calculate your mortgage payment

Lenders use a standard formula to calculate your mortgage payments. It uses your loan balance, interest rate, and repayment term. The Rocket Mortgage online mortgage calculator is an easy way to run the numbers yourself and get an estimate of how different options affect your monthly cost. Rocket Mortgage’s additional resources and calculators can help provide even more insight.

Oklahoma-specific mortgage resources

• OHFA Homebuyer Down Payment Assistance: Typically provides up to 3.5% of the loan amount to help reduce upfront costs for eligible buyers. Available to both first-time and repeat buyers who use an OHFA-approved lender, meet income limits, and complete a required homebuyer education course.
• First-Time Homebuyer DPA Programs: Designed to support first-time home buyers, and some repeat buyers. Pairs a 30-year fixed mortgage with down payment and closing cost assistance, typically up to 3.5% of the loan amount, subject to income and purchase price limits. 
• REI Oklahoma Down Payment Assistance Programs: Designed to assist low-income borrowers who can make monthly mortgage payments, but don’t have enough to make a down payment. Borrowers must meet REI eligibility requirements for income, credit score, and DTI. 
• OHFA Special Interest Rates for Public Servants: Available for public servants living in Oklahoma, including teachers, firefighters, law enforcement, EMS workers, and state employees. 

FAQ on average monthly mortgage payments in Oklahoma 

Still have questions about buying a home in Oklahoma? We have answers!

What is a good mortgage payment in Oklahoma right now?

A “good” mortgage payment is one that comfortably fits your budget. Since Oklahoma home prices are comparatively low, many buyers find they can secure a monthly payment below the national average. Using the Rocket Mortgage home affordability calculator can help you estimate a price range that aligns with your income and financial profile.

What’s the difference between a 15-year vs. 30-year mortgage in Oklahoma?

As in most states, a 30-year mortgage in Oklahoma will typically provide the lowest monthly payment, while a 15-year loan will cost more each month but reduce overall interest paid. The right choice depends on your cash flow, long-term goals, and how quickly you want to build equity.

How much income is needed to afford a home in Oklahoma?

Using the 28/36 rule as a guideline, an ideal annual household income to comfortably afford a median-priced home in Oklahoma is roughly $82,181 based on combined Redfin and Rocket data. Your exact budget may vary depending on debts, credit score, and down payment.

Oklahoma mortgage payments: the bottom line

Although some costs like homeowners insurance are relatively high in Oklahoma, comparatively low home prices and moderate taxes offset the cost, offering higher levels of affordability for many buyers. With The Sooner State as the third lowest monthly mortgage payment in the country, it’s an attractive option for those looking to jump into homeownership.

To help estimate and understand your final mortgage payment in Oklahoma, get prequalified for a loan with Rocket Mortgage. It’s free and could help you make a more informed home buying decision. 

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.