Mortgage Calculator in South Dakota

Calculate your monthly mortgage payment in South Dakota using the 2026 median home price of $275K and current local rates. Adjust the inputs below to match your situation.

South Dakota Housing Market at a Glance (2026)

$275K

Median Home Price

6.9%

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 $275K home, closing costs ≈$4,125

Median household income$62,000/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

How Mortgage Payments Work in South Dakota

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 $275K home in South Dakota with a 10% down payment at 6.9% over 30 years, your principal and interest payment comes to approximately $1,630/month— not including property taxes or homeowner's insurance.

South Dakota's property tax rate of 1.14% adds roughly $261/month to your total housing cost on a $275K home. This rate is near the national average of ~1.1%.

South Dakota vs. National Average

Metric	South Dakota	National Avg
Median Home Price	$275,000	$420,000
Property Tax Rate	1.14%	1.07%
Avg Mortgage Rate	6.9%	6.85%
Cost of Living Index	95	100

Frequently Asked Questions — Mortgage Calculator in South Dakota

What is the average mortgage payment in South Dakota?+

Based on the median home price of $275K in South Dakota with a 10% down payment and 6.9% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,630. Adding property taxes (~$261/mo) and homeowner's insurance, total PITI is typically $2,041–$2,141/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 $275K, that equals roughly $3,135 per year — or $261 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 $27,500 on the median $275K 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 $4,125 on the median $275K 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 $275K median home in South Dakota under the 28% housing-cost rule, you need a gross monthly income of at least $7,289 — roughly $87K/year. The median household income in South Dakota is $62,000.

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.