Mortgage Calculator & Closing Costs: Fairbanks, AK
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Fairbanks, Alaska.
Median Home Price
$295K
Population
33K
Avg Monthly Rent
$1,320
Property Tax Rate
1.19% *
* Property tax shown is the Alaska state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Fairbanks.
Fairbanks vs Alaska Median
The median home price in Fairbanks is $295,000, which is 16% below the Alaska state median of $350,000.
Mortgage Calculator — Fairbanks, AK
Pre-filled with Fairbanks median home price and Alaska tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $295K home using Alaska's 1.19% tax rate and $1,400/yr insurance.
5% Down
$2,344/mo
Down: $14,750
Loan: $280K
P&I: $1,771
Tax: $293
Insurance: $117
PMI: $163
10% Down
$2,242/mo
Down: $29,500
Loan: $266K
P&I: $1,678
Tax: $293
Insurance: $117
PMI: $155
20% Down (No PMI)
$1,901/mo
Down: $59,000
Loan: $236K
P&I: $1,492
Tax: $293
Insurance: $117
Income needed (28% rule): $81K/year with 20% down, $96K/year with 10% down.
Rent vs Buy in Fairbanks
Rent
$1,320/mo
vs
Buy (10% down)
$2,242/mo
Price-to-rent ratio: 18.6 — A ratio between 15-20 means the rent vs buy decision in Fairbanks depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Fairbanks is $295,000, 16% below the Alaska state median of $350,000. With a population of 32,515, Fairbanks is a smaller market where home prices tend to be more accessible than in many parts of Alaska.
Property taxes in Alaska average 1.19% annually. This moderate property tax rate means a $295,000 home in Fairbanks would carry roughly $293/month in property taxes. Homeowners insurance in Alaska runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Fairbanks is $1,320/month. The price-to-rent ratio in Fairbanks is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Fairbanks presents moderate affordability. The $295K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Fairbanks.