Updated: January 16, 2025
Advertising & Editorial Disclosure
In Alaska, Yukon-Koyukuk Census Area has the lowest median monthly mortgage payment at $510, while Sitka City and Borough has the highest at $2,580. This difference can impact your ability to save and invest.
Use MoneyGeek's mortgage calculator in Alaska to estimate your monthly payment, choose loan terms that fit your budget and see the total interest over the loan's life. Enter your purchase details to understand your financial commitment.
Simply estimate your Alaska loan payments, taxes and PMI.
Updated: Sep 4, 2024
Fact Checked
Optional: add taxes, insurance, HOA Fees
$0
+
+
+
+
=
0
Get personalized mortgage rates from Alaska.
Why You Can Trust MoneyGeek
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
In Alaska, Yukon-Koyukuk Census Area has the lowest median monthly mortgage payment at $510, while Sitka City and Borough has the highest at $2,580.
A mortgage calculator helps manage short-term costs by adjusting loan terms and down payments. It also estimates total interest for long-term planning.
The average APR in Alaska is 6.3% for a 30-year mortgage and 5.6% for a 15-year mortgage.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for Iowa. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs). See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.
Interest rate data was last updated in October 2024.
MoneyGeek's mortgage calculator in Alaska shows your monthly payments, helps you see if a mortgage fits your budget and outlines your amortization schedule.
Your monthly mortgage payment depends on the home's price, down payment, interest rates, loan terms, property taxes and homeowners insurance. Here’s a breakdown of what impacts your payments.
The home price affects your monthly mortgage payment in Alaska. A lower home price in Yukon-Koyukuk Census Area, at a median of $90,110, means lower monthly payments than in Sitka City and Borough, where the median is $453,710, according to the National Association of Realtors.
The size of your down payment influences your monthly mortgage payment by reducing the loan amount.
Your APR affects your monthly mortgage payment. A lower APR means lower payments. The current mortgage rates in Alaska vary by loan type and change over time. The average APR is 5.6% for a 15-year fixed mortgage and 6.3% for a 30-year fixed mortgage.
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. A 30-year term typically has lower monthly payments but accrues more interest over time.
Using the Alaska mortgage calculator, a 30-year fixed-rate mortgage on a $275,000 home with a 20% down payment costs $1,449 monthly, excluding HOA fees and property taxes.
Switching to a 15-year term raises the monthly payment to $1,904, increasing short-term costs but saving $178,826 in total interest over the loan's life.
Buying a home is a major expense; mortgage payments often take up a big part of your income. MoneyGeek's affordability calculator helps you see how much you can afford by factoring in your income and debts like car or student loans.
The tool also shows your debt-to-income ratio, which measures how much of your income goes to debt payments — a key factor for getting a mortgage. In Alaska, the average annual debt is $117,409, or about $9,784 per month, according to Experian.
Mortgage amortization involves paying off a loan over time through regular payments. Key terms are:
MoneyGeek's mortgage calculator shows your amortization schedule, helping you estimate the total interest paid over the life of your loan in Alaska. It also shows when your payments start going more toward the principal than the interest, giving you a clear picture of how your payments are split over time.
Homebuyers in Alaska must consider additional mortgage fees that could impact their budget. For example, mortgage insurance, property taxes and homeowners insurance can increase monthly payments.
Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in Alaska costs $1,522 per year.
Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, Alaska's effective property tax rate is 1.04%, ranking it 21st in the U.S.
HOA fees are monthly or annual payments to homeowners associations for property management, maintenance and community amenities.
Private mortgage insurance (PMI) protects lenders if a borrower defaults. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.
The average APR for a 30-year fixed loan in Alaska is 6.3%, and for a 15-year fixed loan, it’s 5.6%. Using MoneyGeek's PMI calculator, you can see that on a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay $117 monthly in PMI for a 30-year fixed-rate loan. This drops to $115 for a 15-year loan.
MoneyGeek’s mortgage calculator in Alaska shows your amortization schedule and helps you figure out when to stop paying for PMI.
Input the necessary information, such as the home's price, down payment and mortgage rate in Alaska. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank, but know you'll still have to pay for these. Run the calculator and get your total monthly payment.
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
Your down payment already contributes toward the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.
Private Mortgage Insurance Calculator
Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.
If you put down 8% on a $350,000 home in Alaska with a 6.9% APR for a 30-year fixed-rate loan, your monthly payment will be $2,121. To cancel PMI, you need 20% equity, or $70,000.
Since your down payment was $28,000, you must pay $42,000 to reach 20% equity. If your home’s value stays the same and you consistently make payments, you can request your lender to cancel PMI before the end of Year 11.
Your mortgage is likely your biggest monthly expense. For a $225,000 loan in Alaska at 6.9% interest, your monthly payment will be $1,449. If you reduce your APR by 0.25%, your payment drops to $1,412. That $37 savings adds up — over 30 years, you’ll save $13,175 in total interest.
This example shows the importance of lowering monthly mortgage payments. Here are some strategies to consider:
Your credit score affects your mortgage payment. In Alaska, if you put down between 5% and 20% of the home’s sale price, the average APR for a 30-year fixed-rate mortgage is 6.62%, with a credit score above 740. If your score is below 680, the APR rises to 7.85%. This increase raises your monthly payment from $1,493 to $1,569.
Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in Alaska, putting 8% down makes your APR 6.75%, resulting in a monthly mortgage of $1,804. Increasing your down payment to 25% puts your APR at 6.45% and a monthly mortgage of $1,386.
A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in Alaska has an APR of 5.6%. A 20% down payment makes your monthly mortgage payment $1,809. Compare this to $1,362, which you'll have to pay monthly if you change loan terms to 30 years, even if your APR increases to 6.3%.
Alaska offers homeowners assistance programs that may help with mortgage costs. Institutions like the Rural Alaska Community Action Program, Inc. and the Alaska Community Development Corporation assist eligible homeowners.
Using a mortgage calculator can raise important questions for potential borrowers in Alaska. We've answered common questions to help you use a mortgage calculator effectively.
Your mortgage affordability in Alaska depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI below 36%.
The average mortgage debt in Alaska was $254,651 as of 2023, according to Experian.
The ideal down payment is 20%, but conventional loans often require less. FHA loans can require as little as 3.5%, while VA loans and USDA loans usually don't require any down payment.
In Alaska, PMI is about $115 per month for a 15-year mortgage and $117 for a 30-year mortgage. PMI is usually required if your down payment is less than 20%.
Alaska's effective property tax rate in 2023 was 1.04%, ranking 21st nationally.
The median home price in Alaska varies by county. Yukon-Koyukuk Census Area has the lowest median home price at $90,110, while Sitka City and Borough has the highest at $453,710.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
