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South Dakota mortgage calculator

The median home in South Dakota runs about $290,000. With 20% down that's a loan near $232,000 — the calculator is pre-filled with that figure. South Dakota has no state income tax and a low state sales-tax rate, but a near-average property tax rate and significant hail exposure that keeps homeowners insurance elevated.

$1,506.29 / month

Total interest
$310,264
Total paid
$542,264
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$58k$116k$174k$232k0612182430Year

How it works

A full South Dakota payment is more than principal and interest. At the state's 1.17% effective property tax rate, a $290,000 home owes about $3,393 a year in tax, and homeowners insurance averages roughly $2,900 a year here. Together those add about $524 to the monthly payment before any HOA dues or PMI.

South Dakota's median household income is about $71,000, or $5,917 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,657 — which is why a median-priced home is comfortable in some metros and a stretch in others. Homes in South Dakota sell in about 40 days on average.

Frequently asked questions

What is a typical mortgage payment in South Dakota?
On the state's roughly $290,000 median home with 20% down, the loan is about $232,000. Principal and interest depend on your rate; on top of that, South Dakota's 1.17% effective property tax rate and about $2,900 a year in homeowners insurance add roughly $524 per month to the payment.
How much are property taxes on a home in South Dakota?
South Dakota's effective property tax rate averages about 1.17% of market value — roughly $3,393 a year on the $290,000 median home. Your county sets the actual rate and may assess below market value.
Is homeowners insurance expensive in South Dakota?
The average South Dakota homeowners policy runs about $2,900 a year. South Dakota has no state income tax and a low state sales-tax rate, but a near-average property tax rate and significant hail exposure that keeps homeowners insurance elevated.
Can I afford a home in South Dakota on the median income?
South Dakota's median household income is about $71,000 a year, or $5,917 a month. Lenders generally want the full housing payment under about 28% of that — roughly $1,657 — so a median-priced home is a stretch in the pricier metros.
How fast do homes sell in South Dakota?
A for-sale home in South Dakota spends about 40 days on the market on average, though this varies widely by metro and season.

Learn more: Understanding your mortgage payment

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