Monthly Payment on a $100K Mortgage in South Dakota
Using South Dakota's 1.22% property tax rate and $2,300/yr homeowners insurance.
$100K Mortgage in South Dakota: Rate Comparison
Monthly PITI payment using South Dakota's 1.22% property tax and $2,300/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $888 | $857 | $748 |
| 6.0% | $918 | $885 | $773 |
| 6.5% | $949 | $915 | $799 |
| 7.0% | $981 | $945 | $826 |
| 7.5% | $1,013 | $975 | $853 |
| 8.0% | $1,046 | $1,006 | $880 |
How This Compares to South Dakota's Median
A $100K home is 66% below South Dakota's median of $295K. This is well within reach in many South Dakota communities.
Income Needed for a $100K Home in South Dakota
To afford this payment of $915/mo in South Dakota, you'd need a household income of approximately $39K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in South Dakota
Estimated closing costs in South Dakota: $700 (0.7% of purchase price). South Dakota also charges a 0.1% transfer tax, which may add $100 to your transaction costs.
What to Know About a $100K Mortgage in South Dakota
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding South Dakota's 1.22% property tax ($102/mo) and $2,300/yr insurance ($192/mo) brings your total to $915/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.