CALCMONEY // MORTGAGE REFINANCE // AK
Alaska average rate: 7.05%. On the median loan of $273,600, a 1% rate drop saves $180/month and breaks even in 38 months.
Calculate Your Refinance7.05%
$342,000
$1,829
$6,840
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.55% (save 0.5%) | $1,738 | $91/mo | 6yr 4mo | $25,963 |
| 6.05% (save 1.0%) | $1,649 | $180/mo | 3yr 2mo | $58,064 |
| 5.55% (save 1.5%) | $1,562 | $267/mo | 2yr 2mo | $89,424 |
The median home price in Alaska is $342,000. At 80% LTV, the typical loan is $273,600 at the current 7.05% average rate, producing a monthly P+I payment of $1,829. Total interest over 30 years at this rate: $385,007.
Property taxes in Alaska average 1.19% of assessed value, or $4,070 per year on the median home. This adds $339/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
Alaska has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
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