- Conv
- FHA
- VA
- Jum/Non
- USDA
Mortgage borrowers can now get the most accurate monthly mortgage payment using the Alaska Mortgage Calculator with PMI, Taxes, Homeowners Insurance, and HOA fees. The mortgage approval calculator has an extended debt-to-income ratio calculation tool that once you have your housing payment (PITI, PMI, HOA), users need to enter their gross monthly income and total minimum debt payments to get their front-end and back-end debt-to-income ratio. No more need to repeatedly contact your loan officer every time you find a house you are interested in for the loan officer to recalculate your monthly payment. You can calculate your DTI using the Alaska Mortgage Calculator. As long as you know what the front-end and back-end DTI guidelines are, the DTI Alaska Mortgage Calculator will get you the data to see if your debt-to-income ratio is in line to qualify for a mortgage.
Find Out How Much House Can You Afford In Alaska
Home prices in Alaska are among the most expensive in the United States. The average home in Alaska is 18% higher than the national median price of homes in other states. Besides home high rising home prices, it is expensive to live in Alaska. The cost of living in the state is 30% higher than the national average cost of living in other states. Despite the high home prices and high cost of living, many people still move to Alaska due to the strong economy and ample job opportunities. The majestic landscape throughout the state is breathtaking. It is no secret it is very expensive to live in Alaska. However, the average wage earner makes more in Alaska than in other states. Many retirees move to Alaska due to the beauty of the state and no state income tax.
Cost of Housing in Alaska
The housing market in Alaska is strong. There is more demand for housing than supply. Like the rest of the country, home prices are surging. The uptrend in home prices has priced many people out of the housing market. However, many people want to make their dream of homeownership a reality by buying a home. The average home in Alaska is under contract within 23 days of its listing. In many parts of the state, there is a bidding war due to the strong demand for houses versus the supply. With the many mortgage options for first-time homebuyers and borrowers with bad credit, the demand for housing is not getting short. Therefore, the demand keeps on getting stronger in a limited housing inventory market.
Buying Versus Renting in Alaska
The average monthly rent of a one-bedroom apartment in Anchorage is $1,287.00. Average home prices in Anchorage in 2022 were $432,800. Home prices have been increasing double digits year after year. Despite the surging mortgage rates and record skyrocketing inflation numbers, the housing market in Alaska remains strong. In a matter of seconds, you can compute your housing payments and front-end and back-end DTI using the Alaska Mortgage Calculator powered by Gustan Cho Associates.
Why Are Home in Alaska So Expensive?
Everything in Alaska is expensive. It cost much more to live in Alaska than in any other state in the United States. The state is huge but not fully populated. In most instances, you need to travel quite a distance to go to manufacturing and industrial centers. Transportation of goods and services is much more expensive in Alaska than in other states. The scarcity of goods and services and the added expense to ship and/or transport high ticket items such as construction materials, machinery, and other products trickle the costs down to the state economy and consumers. It costs more to build a home in Alaska than it would in Tennesse. You can calculate your PITI, MIP, and HOA in seconds using the Alaska Mortgage Calculator powered by Gustan Cho Associates.
Calculate How Much House You Can Afford Using The Alaska Mortgage Calculator
You can find out how much house you can afford in seconds by entering basic data on the home you are interested in purchasing. Very simple and user-friendly to use Gustan Cho Associates Alaska Mortgage Calculator. First, click on the loan program you are going to use (FHA, VA, USDA, Conventional, Jumbo, Non-QM). Enter the purchase price, the interest rate, and the down payment. You will get a subtotal of the principal and interest rate component of your housing payment. Next, enter the property tax and homeowners insurance numbers. The PMI, MIP, and VA funding fee sections will auto-populate unless you want to enter them manually. Within seconds, you will get the most accurate estimated monthly housing payment. Unlike other online mortgage calculators, the Alaska Mortgage Calculator with get you the most accurate estimated housing payment of the subject property.
USEFUL LINK: Complete Mortgage Guide to Home Prices in Alaska
Calculate Your DTI Using The DTI Alaska Mortgage Calculator
Homebuyers in Alaska can calculate their front-end and back-end debt to income ratio requirements in seconds. Once you have your housing payment, go to the second part which is the DTI Calculator. Enter your monthly gross income. Then add up all of your monthly minimum payments and enter them on the Total Minimum Payments box. Once complete, you will have your front-end and back-end debt-to-income ratio. Users can calculate their DTI when shopping for homes and calculate if they meet the necessary DTI guidelines for the loan program they are applying for.
USEFUL LINK: Alaska Mortgage Approval With High DTI
