Mortgage Calculator in South Dakota

Calculate your monthly mortgage payment in South Dakota using the 2026 median home price of $320K and current local rates. Adjust the inputs below. Formula shown, sources cited — no account required.

Housing in South Dakota sits well below the national average, with a median home price of $320,000 and a cost-of-living index of 91.8. That below-average cost base gives buyers real purchasing power compared to coastal markets. The state charges no real estate transfer tax, which keeps closing costs lean at roughly 1.5% of the purchase price. Property taxes run at 1.14%, a moderate burden that factors meaningfully into your monthly payment. First-time buyers should look at the SD Housing First-Time Homebuyer program and the SDHDA Fixed Rate Plus loan, both of which can reduce the upfront cash requirement. With a 10% down payment, you are looking at $32,000 to get into a median-priced home. Rates in the state currently sit near 6.65%, so running the numbers through a mortgage calculator before you make an offer helps you see exactly how much house your income can support.

ℹ

South Dakota is one of only 9 states with no income tax, which increases how much of your salary is available for your mortgage payment.

Know your real number before you decide.

Free. No email. The math is right there.

See all 20 calculators →

South Dakota Housing Market at a Glance (2026)

$320K

Median Home Price

6.65%

Avg Mortgage Rate

1.14%

Property Tax Rate

10%

Typical Down Payment

Buying a Home in South Dakota: Costs to Know

Average closing costs1.5% of purchase price

On a $320K home, closing costs â‰ˆ$4,800

Median household income$76,881/yr

State income tax (top rate)None

First-Time Buyer Programs in South Dakota

South Dakota offers state-sponsored programs that can reduce your down payment or closing costs:

✓SD Housing First-Time Homebuyer
✓SDHDA Fixed Rate Plus

Buying a Home in South Dakota: No Income Tax Advantage

A standard mortgage payment in South Dakota is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $320K home in South Dakota with a 10% down payment at 6.65% over 30 years, your principal and interest payment comes to approximately $1,849/month— not including property taxes or homeowner's insurance.

South Dakota's property tax rate of 1.14% adds roughly $304/month to your total housing cost on a $320K home. This rate is near the national average of ~1.1%.

South Dakota vs. National Average

Metric	South Dakota	National Avg
Median Home Price	$320,000	$420,000
Property Tax Rate	1.14%	1.07%
Avg Mortgage Rate	6.65%	6.85%
Cost of Living Index	91.8	100

Questions You Might Ask — Mortgage Calculator in South Dakota

What is the average mortgage payment in South Dakota?

Based on the median home price of $320K in South Dakota with a 10% down payment and 6.65% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,849. Adding property taxes (~$304/mo) and homeowner's insurance, total PITI is typically $2,303–$2,403/month.

What is the property tax rate in South Dakota?

South Dakota has an average effective property tax rate of 1.14%. On the median home price of $320K, that equals roughly $3,648 per year — or $304 added to your monthly mortgage payment. This is near the national average of ~1.1%.

How much down payment do I need to buy a home in South Dakota?

The typical down payment in South Dakota is 10% — about $32,000 on the median $320K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like SD Housing First-Time Homebuyer.

What are closing costs in South Dakota?

Average closing costs in South Dakota are approximately 1.5% of the purchase price — about $4,800 on the median $320K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.

What income do I need to afford the median home in South Dakota?

To afford the $320K median home in South Dakota under the 28% housing-cost rule, you need a gross monthly income of at least $8,225 — roughly $99K/year. The median household income in South Dakota is $76,881.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.