South Dakota Mortgage Calculator

In South Dakota, Todd County shows the lowest median monthly mortgage payment at approximately $240, contrasting with Lincoln County's highest at $2,280. This range in monthly mortgage payments can significantly influence your immediate budget and long-term financial health, shaping your ability to save and invest for the future.

Use MoneyGeek's mortgage calculator in South Dakota to estimate your monthly mortgage payment, assess suitable loan terms for your budget, and understand the total interest paid over the life of the loan. Input your purchase details into the calculator to see your financial commitment.

Mortgage Calculator

Simply estimate your South Dakota loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from South Dakota.

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Key Takeaways

In South Dakota, Todd County has the lowest median monthly mortgage payment at $240, while Lincoln County has the highest at $2,280.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget and estimate your total interest over the loan's life.

The average APR for a 30-year mortgage in South Dakota is 6.4%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for South Dakota. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our South Dakota Mortgage Calculator

MoneyGeek's mortgage calculator in South Dakota can calculate your monthly mortgage payments, helping you determine your mortgage's affordability. You'll also gain insights into your amortization schedule, providing a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, like the home's sale price and your down payment. Let's dive into using South Dakota's mortgage calculator to navigate these variables.

1
Home Price
The home price directly influences your monthly mortgage payment in South Dakota. A lower home price in Todd County, at a median of $41,800, means lower monthly payments than in Lincoln County, where the median is $389,960, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. South Dakota's median down payment is $32,000, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in South Dakota change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN SOUTH DAKOTA

Using the mortgage calculator in South Dakota, you can see that the monthly mortgage payment for a 30-year fixed rate mortgage on a house costing $275,000 in South Dakota, after a 20% down payment, is $1,376. This figure is based on an average APR and does not include additional costs such as HOA fees and property tax.

Choosing a 15-year repayment term for your home loan changes your monthly payment to $1,845. This adjustment will increase your short-term expenses but can lead to a savings of $163,369 in total interest paid over the life of the loan, a substantial reduction compared to the 30-year term.

Determine Your Mortgage's Affordability

Buying a home is one of the most substantial expenses you'll face, with mortgage payments taking a significant chunk of your monthly income. Understanding how affordable your mortgage is can greatly affect your finances. MoneyGeek's mortgage calculator for affordability offers a simple way to determine this—just input your monthly income and other monthly debts, such as car loans and student loans, to see how much you can afford.

The calculator also reveals your debt-to-income ratio, which is vital for anyone planning to secure a mortgage. This ratio shows how much of your income goes toward debt payments. Experian notes that the average debt in South Dakota is $92,733, translating to an average monthly debt of $7,728. Knowing these figures can help you better understand your financial standing.

See Your Amortization Schedule

Amortization is the process of paying off a loan over time through regular payments. Key terms:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in South Dakota. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in South Dakota

Home buyers in South Dakota need to consider other fees when calculating monthly mortgage payments, as these can impact your budget. For example, mortgage insurance and HOA fees could increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in South Dakota is $2,827 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, South Dakota's effective property tax rate is 1.17%, ranking it 17th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in South Dakota?

The average APR for a 30-year fixed loan in South Dakota is 6.4%, while a 15-year fixed loan is 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month for a 30-year loan. The cost of private mortgage insurance becomes $115 for a 15-year loan.

MoneyGeek's South Dakota mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in South Dakota. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the third tab of the mortgage calculator. Move the slider until the 'Principal Paid' exceeds your remaining equity required — that'll be the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

You put in an 8% down payment for a home in South Dakota priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014.

20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of Year 10.

How to Lower Your Monthly Mortgage Payment in South Dakota

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in South Dakota at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage payment. In South Dakota, if you put in a down payment between 5% to 20% of the home's sale price, the average APR for a 30-year fixed rate mortgage is 6.3% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 7.0%. This change in APR makes your monthly mortgage payments go from $1,362 to $1,464.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in South Dakota, putting 8% down makes your APR 7.2%, resulting in a monthly mortgage of $1,717. Increasing your down payment to 25% puts your APR at 6.8% and a monthly mortgage of $1,345.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in South Dakota has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in South Dakota that may help with your mortgage costs. Institutions like South Dakota Housing and The Governors House offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in South Dakota

Using a mortgage calculator can raise questions for potential borrowers, especially in South Dakota's housing market. We've addressed commonly asked questions about mortgage calculators to help you understand your options better.

How much mortgage can I afford in South Dakota?

The amount of mortgage you can afford in South Dakota depends on your debt-to-income ratio (DTI). Generally, a DTI ratio below 36% is recommended.

What is the average mortgage debt in South Dakota?

The average mortgage debt in South Dakota is $187,463 as of 2023, according to Experian.

How much down payment do I need to purchase a house in South Dakota?

The ideal down payment is 20%. However, down payment requirements vary: conventional loans typically require 3% to 20%, FHA loans require 3.5%, and VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in South Dakota?

PMI is generally required if your down payment is less than 20%. In South Dakota, PMI costs are about $117 for a 30-year loan and $115 for a 15-year loan.

What's the effective tax rate in South Dakota?

The effective property tax rate in South Dakota is 1.17% as of 2023, ranking 17th nationally.

What is the median home price in South Dakota?

Median home prices vary by county. Todd County has the lowest median home price at $41,800, while Lincoln County has the highest at $389,960.

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