South Dakota Mortgage Calculator

Calculate your monthly mortgage payment in South Dakota. Pre-filled with South Dakota's average property tax rate of 1.13%. See principal, interest, PMI, property taxes, and insurance.

$70,000

Monthly Payment Breakdown

Principal & Interest
$1,770
Property Tax
$330
Homeowner's Insurance
$100
Total Monthly Payment
$2,199

Loan Summary

Home Price
$350,000
Down Payment
$70,000
Loan Amount
$280,000
Total Interest
$357,125
Total Cost(P&I + down payment)
$707,124

See how this mortgage fits your financial plan

Your estimated payment is $2,199/month. See how it fits alongside your income, savings, investments, and other expenses over time.

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South Dakota Housing Overview

South Dakota has an average property tax rate of 1.13%. South Dakota's cost of living is about 5% below the national average.

Property Tax: 1.13%No state income taxNo corporate income taxVery low cost of living

Buying a Home in South Dakota

If you're considering buying a home in South Dakota, understanding the local housing market and costs is essential. Property taxes, insurance rates, and home prices vary significantly by area within the state. This calculator pre-fills South Dakota's average property tax rate of 1.13% to give you a more accurate estimate.

South Dakota Property Taxes

South Dakota has an average effective property tax rate of 1.13%. Property taxes are a significant component of your monthly housing cost — on a $350,000 home, a 1.13% rate means approximately $3955 per year, or $330 per month in property taxes alone.

Cost of Living in South Dakota

South Dakota's cost of living is about 5% below the national average. When evaluating whether to buy a home in South Dakota, consider how your mortgage payment plus other housing costs fit within the recommended 28% of gross income guideline.

Financial Tips for South Dakota Homebuyers

  • No state income tax keeps more money in your pocket
  • South Dakota's very low cost of living means your salary goes further
  • South Dakota has no corporate income tax — beneficial for business owners
  • Sioux Falls has a growing financial services and healthcare sector

Key South Dakota Features

  • No state income tax
  • No corporate income tax
  • Very low cost of living
  • Growing financial services in Sioux Falls

See How Your South Dakota Mortgage Fits Your Financial Plan

This calculator shows your South Dakota mortgage payment. Trajectoryy's full simulator shows how that payment fits alongside your income, taxes, savings, investments, and more.

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Compare South Dakota Mortgage Costs with Other States

North Dakota0.98% property taxMinnesota1.07% property taxIowa1.53% property taxCalifornia0.71% property taxNew York1.46% property taxNew Jersey2.23% property tax

Frequently Asked Questions

What is the average property tax rate in South Dakota?
The average effective property tax rate in South Dakota is approximately 1.13%. This rate is applied to the assessed value of your property, which may differ from the market value depending on South Dakota's assessment practices. Property tax rates can also vary significantly by county and municipality within the state.
How much does a typical mortgage payment cost in South Dakota?
Your mortgage payment in South Dakota depends on the home price, your down payment, interest rate, and loan term. With South Dakota's average property tax rate of 1.13%, property taxes add a meaningful amount to your monthly payment. Use the calculator above with your specific numbers to get an accurate estimate.
Is South Dakota an affordable state to buy a home?
South Dakota's cost of living is about 5% below the national average. When evaluating affordability in South Dakota, consider not just the home price but also property taxes (1.13% average), homeowner's insurance costs, and any HOA fees common in your area.
How do South Dakota property taxes compare to other states?
South Dakota's average property tax rate of 1.13% can be compared against the national average of roughly 1.1%. States like New Jersey (2.23%) and Illinois (1.97%) have among the highest rates, while Hawaii (0.28%) and Alabama (0.40%) have among the lowest.
What first-time homebuyer programs are available in South Dakota?
Most states, including South Dakota, offer first-time homebuyer programs through their state housing finance agency. These typically include down payment assistance, below-market interest rates, and closing cost grants. Check with South Dakota's housing authority and the FHA, VA, and USDA loan programs for additional options.

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