Mortgage Calculator & Closing Costs: McAlester, OK
Mortgage payment estimates, closing cost breakdowns, and homebuying data for McAlester, Oklahoma.
Median Home Price
$135K
Population
18K
Avg Monthly Rent
$750
Property Tax Rate
0.88% *
* Property tax shown is the Oklahoma state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in McAlester.
McAlester vs Oklahoma Median
The median home price in McAlester is $135,000, which is 36% below the Oklahoma state median of $210,000.
Mortgage Calculator — McAlester, OK
Pre-filled with McAlester median home price and Oklahoma tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $135K home using Oklahoma's 0.88% tax rate and $3,600/yr insurance.
5% Down
$1,284/mo
Down: $6,750
Loan: $128K
P&I: $811
Tax: $99
Insurance: $300
PMI: $75
10% Down
$1,238/mo
Down: $13,500
Loan: $122K
P&I: $768
Tax: $99
Insurance: $300
PMI: $71
20% Down (No PMI)
$1,082/mo
Down: $27,000
Loan: $108K
P&I: $683
Tax: $99
Insurance: $300
Income needed (28% rule): $46K/year with 20% down, $53K/year with 10% down.
Rent vs Buy in McAlester
Rent
$750/mo
vs
Buy (10% down)
$1,238/mo
Price-to-rent ratio: 15.0 — A ratio between 15-20 means the rent vs buy decision in McAlester depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in McAlester is $135,000, 36% below the Oklahoma state median of $210,000. With a population of 18,082, McAlester is a smaller market where home prices tend to be more accessible than in many parts of Oklahoma.
Property taxes in Oklahoma average 0.88% annually. This moderate property tax rate means a $135,000 home in McAlester would carry roughly $99/month in property taxes. Homeowners insurance in Oklahoma runs approximately $3,600 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in McAlester is $750/month. The price-to-rent ratio in McAlester is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
McAlester offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Oklahoma's OHFA Homebuyer DPA program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in McAlester.