South Dakota Mortgage Calculator
Calculate your South Dakota mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Sioux Falls, Rapid City, Aberdeen, Brookings, Watertown, and all of South Dakota.
Useful for home buyers in Sioux Falls, Rapid City, Aberdeen, Brookings, Watertown, and all of South Dakota.
Why use a South Dakota Mortgage Calculator?
South Dakota has competitive property tax rates and a moderate transfer fee. This calculator estimates your payment, PMI, property tax, and closing costs.
South Dakota has competitive property tax rates and a moderate transfer fee. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
South Dakota Property Tax: The average effective property tax rate is about 1.22%. Closing costs in South Dakota are typically 2-5% of the purchase price.
Average Home Prices in Major South Dakota Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Sioux Falls | $310,000 | $275,000 | $250,000 | $220,000 |
| Rapid City | $290,000 | $255,000 | $230,000 | $205,000 |
| Aberdeen | $210,000 | $185,000 | $170,000 | $155,000 |
| Brookings | $230,000 | $200,000 | $180,000 | $160,000 |
| Watertown | $200,000 | $180,000 | $165,000 | $150,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in South Dakota
- Property Tax: South Dakota's average effective property tax rate is about 1.22%. Property taxes are paid annually and may be included in your monthly payment.
- Transfer Fee: South Dakota charges a deed transfer fee of $0.50 per $500 of property value (0.1%).
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: South Dakota's closing costs include title insurance, recording fees, and other expenses.
Example: On a $250,000 home with 10% down in Sioux Falls, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
South Dakota's average effective property tax rate is about 1.22% of the home's value, which is slightly above the national average. Property tax rates vary by county and city, with some areas having higher or lower rates.
Yes, South Dakota charges a deed transfer fee of $0.50 per $500 of property value (0.1%). This fee is typically paid by the buyer but can be negotiated between buyer and seller in the purchase agreement.
The South Dakota Housing Development Authority (SDHDA) offers several programs for first-time homebuyers, including the First-Time Homebuyer Program with competitive interest rates, the Fixed Rate Plus program with down payment and closing cost assistance, and tax credit programs (MCC) that can save you money on your federal taxes.