Alaska Mortgage Calculator: Estimate Your Monthly Payment
Updated: January 18, 2024
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When purchasing a home in Alaska, it’s important to consider mortgage rates. For instance, the average home value in the state is $326,000. The average monthly mortgage payment in the state is $1,201. This is around $42 more than the national average.
Out of all 50 states, Alaska sits in the more expensive half of our ranking. It has the 19th most expensive real estate tax at 1.19% and property tax at $2,599. On average, the household income in Alaska is $8,042 per month.
Using MoneyGeek’s Alaska mortgage calculator, you can get a personalized estimate based on mortgage-related factors. You can enter and adjust factors like your home price, down payment, loan terms, interest rate, insurance and more. MoneyGeek also provides tips to help you during your homebuying journey.
Start Here: Plug In Your Mortgage Factors
You can get an estimate of your monthly mortgage payment with MoneyGeek’s Alaska mortgage calculator. If you need help breaking down mortgage terms, we explain them below.
Why and How to Use Our Mortgage Calculator
You’ll immediately see how factors affect your mortgage rate with MoneyGeek’s Alaska mortgage calculator. This way, you can assess your financial goals and set a budget for your monthly expenses and home loan. Additionally, you can better determine which mortgage lender in the state best fits your individual needs.
You can get an accurate estimate with MoneyGeek’s Alaska mortgage calculator. Enter how much you can afford, your home loan cost, the interest rate, the type of mortgage you’ll get and when you’d like to pay off your mortgage. Learn about the 12 homeownership factors below to make better decisions as a potential homeowner.
Home Price:
Enter the amount you’re comfortable with spending or the budget you’ve determined for a home.
Down Payment:
Enter how much you can put down on a home. Remember that your monthly payments are usually lower if you pay a higher down payment.
Interest Rate:
Enter the loan’s interest rate. MoneyGeek has daily mortgage rate reports from lenders.
Loan Terms:
You can choose how quickly you’d like to pay off your mortgage. The most common loan terms are 15 or 30 years.
Payments per Year:
This is how much you’ll pay within a year. The most common payment per year is 12 (monthly payments).
Property Tax:
Alaska has an annual property tax of $2,599.
HOA Fees:
If your property has a homeowner’s association (HOA), you might need to pay monthly or annual fees.
Principal & Interest:
The principal refers to how much you borrow from the lender to purchase your home. Interest is how much you pay the lender for lending you money.
Monthly Payment:
Refers to how much you pay per month like your property taxes, principal and interest, home insurance and HOA fees.
Principal Payment:
It’s a part of your monthly payments and reduces the overall home loan balance.
Interest Payment:
This is how much you pay your lender for lending money to you.
Total Cost with Interest:
The total amount you pay the lender, including relevant costs.
Home loans can be expensive depending on your location, tax rates and more. Fortunately, there are different methods to reduce your monthly mortgage payments, especially if you’re on a budget.
- Purchase a less expensive house. If you take out a smaller loan because you buy a more affordable house, your monthly mortgage payment will be lower and may better fit your budget.
- Consider a different location. Across the United States, Alaska has one of the highest rates for real estate tax and annual property tax at 1.19% and $2,599, respectively.
- Find a lower interest rate. Generally, interest rates decrease if you make a sizable down payment.
- Extend your loan terms. If monthly payments for a 10-year term are too expensive, consider a 15-year term or 30-year term. You will pay more interest, but your monthly mortgage will cost less.
Next Steps: What to Do After You Have Estimated Your Mortgage Payments
To give you a headstart on your home buying journey, MoneyGeek collected relevant guides about homeownership and mortgages.
- Shop & Compare Rates - Before taking out a loan, it’s wise to shop around and compare the mortgage rates in Alaska.
- Not Ready to Buy? - Ask yourself what your individual needs and preferences are when considering whether to rent or buy a house.
- Learn More - Determine the kind of mortgage you need with MoneyGeek’s guide on FHA loans, VA home loans and reverse mortgages.
Frequently Asked Questions About Mortgages in Alaska
You can calculate how much you’re comfortable spending on your mortgage. Generally, mortgage lenders consider your home loan affordable if your debt-to-income (DTI) ratio is 43% or less.
In Alaska, the average outstanding mortgage amount is $223,167.
For most mortgage programs, you’re required to have at least 5% for your down payment. But programs offered by the VA and USDA, which are government-supported, don’t necessarily require a down payment.
With a conventional loan, you’re usually required to purchase private mortgage insurance (PMI) if you pay less than 20% for your down payment.
The average annual property tax in Alaska is $2,599. However, this will vary based on where you live.
Alaska’s average monthly mortgage payment is $42 more expensive than the national average. It comes out to roughly $1,201 per month.
The median value for a home in Alaska is $326,000.