Typical South Dakota mortgage payment
The median home price in South Dakota is roughly $290,000. Here's the estimated monthly principal & interest payment on that amount, by rate and term:
| Rate | 15-year | 30-year |
|---|---|---|
| 5.00% | $2,293 | $1,557 |
| 5.50% | $2,370 | $1,647 |
| 6.00% | $2,447 | $1,739 |
| 6.50% | $2,526 | $1,833 |
| 7.00% | $2,607 | $1,929 |
| 7.50% | $2,688 | $2,028 |
| 8.00% | $2,771 | $2,128 |
| 8.50% | $2,856 | $2,230 |
| 9.00% | $2,941 | $2,333 |
| 9.50% | $3,028 | $2,438 |
| 10.00% | $3,116 | $2,545 |
What a South Dakota mortgage really costs (PITI)
Principal & interest alone would run about $1,833/month at 6.50% over 30 years. But South Dakota's property tax - roughly 1.24% of home value per year here - adds about $300/month, and estimated homeowners insurance adds around $85/month. Your real total monthly payment (PITI) on a $290,000 South Dakota home is closer to $2,217/month.
Using the standard 28%-of-income guideline, comfortably affording this home takes a household income around $95,025/year. A 20% down payment here is $58,000.
South Dakota vs. its neighbors
Of South Dakota and its neighbors, Iowa has the lowest estimated total monthly payment - about $475 less per month than South Dakota.
| State | Median price | Property tax rate | Est. total monthly (PITI) |
|---|---|---|---|
| Iowa | $220,000 | 1.57% | $1,743/mo |
| North Dakota | $260,000 | 0.98% | $1,932/mo |
| Nebraska | $260,000 | 1.73% | $2,094/mo |
| South Dakota (this page) | $290,000 | 1.24% | $2,217/mo |
| Minnesota | $340,000 | 1.12% | $2,566/mo |
| Wyoming | $350,000 | 0.61% | $2,492/mo |
| Montana | $450,000 | 0.84% | $3,291/mo |
What affects your South Dakota payment?
- Property tax above is a statewide estimate - your county's actual rate may differ.
- Down payment: 20% down avoids private mortgage insurance (PMI).
- Loan term: a 15-year loan saves enormous interest vs. 30 years.
Median price, property tax rate and insurance are approximate estimates, not county-specific figures. Not financial advice.