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Sitka City and Borough FHA Loan Calculator

Adjust the sliders to model your loan in real time. We have prefilled this page with local benchmark averages for Sitka City and Borough, Alaska based on real HMDA transaction records.

Loan Details

Sitka City and Borough, AK Benchmarks

FHA averages
Typical Property Value$521,667
Average Down Payment12.1%
Average Interest Rate5.950%
Effective Tax Rate0.37%
Median Tax Paid$2,080/yr
Tax Growth (Historical)-3.3%
Based on 6 regional loans totaling $2,630,000 (HMDA database).
$
%

$63,122 down · $458,545 financed

%
yrs
$

Paid directly to principal

Payoff estimated June 2056

Local & Recurring Costs

%

$161 / month

$

Annual premium

$

Per month

%

$194 / month

Estimated Monthly Payment

$3,288/mo

  • Principal & Interest$2,782
  • Property Tax$161
  • Home Insurance$150
  • FHA MIP$194
Amortization · Remaining Balance

Financed Loan Amount

$466,570

Total Interest

$535,073

Total of Payments

$1,001,643

*Includes financed FHA Upfront MIP of $8,025

Local Market Insights

Sitka City and Borough FHA Mortgage Overview

For Sitka City and Borough homebuyers, the 12.14% weighted average down payment on an FHA loan provides accessible entry, but requires mandatory Mortgage Insurance Premiums (MIP) for the life of the loan—even with this equity. The 87.86% median loan-to-value (LTV) ratio confirms this is typical for primary residences (100% occupancy). With a favorable effective property tax rate of 0.37% and a recent inflation-adjusted tax decline of -3.3%, monthly affordability is enhanced. However, the 5.950% average interest rate means total housing costs remain significant. When evaluating an FHA mortgage with property taxes, remember MIP cannot be canceled, making this structure ideal for buyers with sub-620 credit scores seeking stable, owner-occupied financing.

Disclaimer: This calculator provides estimates for educational purposes only and does not constitute a loan offer or financial advice. Actual rates, taxes, insurance, and fees will vary.