South Dakota Mortgage Calculator
Estimate your monthly mortgage payment in South Dakota based on the state median home price of $295K, a 1.22% property tax rate, and $2K/year homeowners insurance.
Why This Matters in South Dakota
In South Dakota, property taxes average 1.22% of assessed value. On the state median home of $295K, that adds $300/month to your mortgage payment — close to the national average. Combined with $192/month for homeowners insurance, your non-mortgage housing costs in South Dakota total $492/month before you even account for principal and interest.
South Dakota's median home price of $295K is in the moderate range nationally. Most conventional loan programs with 5-10% down are well-suited for this price range.
What to Expect for a Mortgage Payment in South Dakota
On the median South Dakota home priced at $295K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,678 per month. Add $300/mo in property taxes and $192/mo for homeowners insurance, and the total PITI comes to approximately $2,170 each month. That median price sits about 16% below the national median of roughly $350K, which directly shapes how much house most South Dakota borrowers can realistically target.
At $295K, South Dakota's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($59K) eliminates PMI and drops the monthly payment to roughly $1,983, saving about $187 per month compared to the 10%-down scenario.
Homeowners insurance in South Dakota averages around $2K per year, which adds $192 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the SDHDA First-Time Homebuyer program, which offers fixed-rate ftb loans for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.