CALCMONEY // MORTGAGE REFINANCE // AK
Alaska average rate: 6.76%. On the median loan of $321,752, a 1% rate drop saves $209/month and breaks even in 39 months.
Calculate Your Refinance6.76%
$402,190
$2,089
$8,044
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.26% (save 0.5%) | $1,983 | $106/mo | 6yr 5mo | $30,059 |
| 5.76% (save 1.0%) | $1,880 | $209/mo | 3yr 3mo | $67,309 |
| 5.26% (save 1.5%) | $1,779 | $310/mo | 2yr 2mo | $103,663 |
The median home price in Alaska is $402,190. At 80% LTV, the typical loan is $321,752 at the current 6.76% average rate, producing a monthly P+I payment of $2,089. Total interest over 30 years at this rate: $430,294.
Property taxes in Alaska average 0.94% of assessed value, or $3,781 per year on the median home. This adds $315/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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