South Dakota Mortgage Calculator
Mortgage is next to the only affordable option for low to average income home buyers in many parts of South Dakota and the rest of the United States. On this page we offer a convenient South Dakota home loan calculator to gauge your potential expenses, and up-to-date answers to several frequently asked questions concerning buying a house in South Dakota.
Total principal & interest | $485 050 |
Monthly payment | $4 042.08 |
Total interest paid | $125 050 |
Payoff date | June 2035 |
Detailed payment info
Date | Payment | Principal Paid | Interest Paid | Remaining Balance |
---|---|---|---|---|
July 2025 | 4 042.08 | 2 167.08 | 1 875 | 357 832.92 |
August 2025 | 4 042.08 | 2 178.37 | 1 863.71 | 355 654.55 |
September 2025 | 4 042.08 | 2 189.72 | 1 852.37 | 353 464.83 |
October 2025 | 4 042.08 | 2 201.12 | 1 840.96 | 351 263.71 |
November 2025 | 4 042.08 | 2 212.59 | 1 829.50 | 349 051.12 |
December 2025 | 4 042.08 | 2 224.11 | 1 817.97 | 346 827.02 |
January 2026 | 4 042.08 | 2 235.69 | 1 806.39 | 344 591.32 |
February 2026 | 4 042.08 | 2 247.34 | 1 794.75 | 342 343.99 |
March 2026 | 4 042.08 | 2 259.04 | 1 783.04 | 340 084.94 |
April 2026 | 4 042.08 | 2 270.81 | 1 771.28 | 337 814.14 |
May 2026 | 4 042.08 | 2 282.63 | 1 759.45 | 335 531.50 |
June 2026 | 4 042.08 | 2 294.52 | 1 747.56 | 333 236.98 |
July 2026 | 4 042.08 | 2 306.47 | 1 735.61 | 330 930.50 |
August 2026 | 4 042.08 | 2 318.49 | 1 723.60 | 328 612.02 |
September 2026 | 4 042.08 | 2 330.56 | 1 711.52 | 326 281.45 |
October 2026 | 4 042.08 | 2 342.70 | 1 699.38 | 323 938.75 |
November 2026 | 4 042.08 | 2 354.90 | 1 687.18 | 321 583.85 |
December 2026 | 4 042.08 | 2 367.17 | 1 674.92 | 319 216.68 |
January 2027 | 4 042.08 | 2 379.50 | 1 662.59 | 316 837.19 |
February 2027 | 4 042.08 | 2 391.89 | 1 650.19 | 314 445.30 |
March 2027 | 4 042.08 | 2 404.35 | 1 637.74 | 312 040.95 |
April 2027 | 4 042.08 | 2 416.87 | 1 625.21 | 309 624.08 |
May 2027 | 4 042.08 | 2 429.46 | 1 612.63 | 307 194.62 |
June 2027 | 4 042.08 | 2 442.11 | 1 599.97 | 304 752.51 |
July 2027 | 4 042.08 | 2 454.83 | 1 587.25 | 302 297.68 |
August 2027 | 4 042.08 | 2 467.62 | 1 574.47 | 299 830.06 |
September 2027 | 4 042.08 | 2 480.47 | 1 561.61 | 297 349.59 |
October 2027 | 4 042.08 | 2 493.39 | 1 548.70 | 294 856.21 |
November 2027 | 4 042.08 | 2 506.37 | 1 535.71 | 292 349.83 |
December 2027 | 4 042.08 | 2 519.43 | 1 522.66 | 289 830.40 |
January 2028 | 4 042.08 | 2 532.55 | 1 509.53 | 287 297.85 |
February 2028 | 4 042.08 | 2 545.74 | 1 496.34 | 284 752.11 |
March 2028 | 4 042.08 | 2 559 | 1 483.08 | 282 193.11 |
April 2028 | 4 042.08 | 2 572.33 | 1 469.76 | 279 620.79 |
May 2028 | 4 042.08 | 2 585.73 | 1 456.36 | 277 035.06 |
June 2028 | 4 042.08 | 2 599.19 | 1 442.89 | 274 435.87 |
July 2028 | 4 042.08 | 2 612.73 | 1 429.35 | 271 823.14 |
August 2028 | 4 042.08 | 2 626.34 | 1 415.75 | 269 196.80 |
September 2028 | 4 042.08 | 2 640.02 | 1 402.07 | 266 556.78 |
October 2028 | 4 042.08 | 2 653.77 | 1 388.32 | 263 903.02 |
November 2028 | 4 042.08 | 2 667.59 | 1 374.49 | 261 235.43 |
December 2028 | 4 042.08 | 2 681.48 | 1 360.60 | 258 553.94 |
January 2029 | 4 042.08 | 2 695.45 | 1 346.64 | 255 858.50 |
February 2029 | 4 042.08 | 2 709.49 | 1 332.60 | 253 149.01 |
March 2029 | 4 042.08 | 2 723.60 | 1 318.48 | 250 425.41 |
April 2029 | 4 042.08 | 2 737.78 | 1 304.30 | 247 687.63 |
May 2029 | 4 042.08 | 2 752.04 | 1 290.04 | 244 935.58 |
June 2029 | 4 042.08 | 2 766.38 | 1 275.71 | 242 169.20 |
July 2029 | 4 042.08 | 2 780.79 | 1 261.30 | 239 388.42 |
August 2029 | 4 042.08 | 2 795.27 | 1 246.81 | 236 593.15 |
September 2029 | 4 042.08 | 2 809.83 | 1 232.26 | 233 783.32 |
October 2029 | 4 042.08 | 2 824.46 | 1 217.62 | 230 958.86 |
November 2029 | 4 042.08 | 2 839.17 | 1 202.91 | 228 119.69 |
December 2029 | 4 042.08 | 2 853.96 | 1 188.12 | 225 265.73 |
January 2030 | 4 042.08 | 2 868.82 | 1 173.26 | 222 396.90 |
February 2030 | 4 042.08 | 2 883.77 | 1 158.32 | 219 513.14 |
March 2030 | 4 042.08 | 2 898.79 | 1 143.30 | 216 614.35 |
April 2030 | 4 042.08 | 2 913.88 | 1 128.20 | 213 700.47 |
May 2030 | 4 042.08 | 2 929.06 | 1 113.02 | 210 771.41 |
June 2030 | 4 042.08 | 2 944.32 | 1 097.77 | 207 827.09 |
July 2030 | 4 042.08 | 2 959.65 | 1 082.43 | 204 867.44 |
August 2030 | 4 042.08 | 2 975.07 | 1 067.02 | 201 892.38 |
September 2030 | 4 042.08 | 2 990.56 | 1 051.52 | 198 901.81 |
October 2030 | 4 042.08 | 3 006.14 | 1 035.95 | 195 895.68 |
November 2030 | 4 042.08 | 3 021.79 | 1 020.29 | 192 873.88 |
December 2030 | 4 042.08 | 3 037.53 | 1 004.55 | 189 836.35 |
January 2031 | 4 042.08 | 3 053.35 | 988.73 | 186 783 |
February 2031 | 4 042.08 | 3 069.26 | 972.83 | 183 713.74 |
March 2031 | 4 042.08 | 3 085.24 | 956.84 | 180 628.50 |
April 2031 | 4 042.08 | 3 101.31 | 940.77 | 177 527.19 |
May 2031 | 4 042.08 | 3 117.46 | 924.62 | 174 409.73 |
June 2031 | 4 042.08 | 3 133.70 | 908.38 | 171 276.03 |
July 2031 | 4 042.08 | 3 150.02 | 892.06 | 168 126.01 |
August 2031 | 4 042.08 | 3 166.43 | 875.66 | 164 959.58 |
September 2031 | 4 042.08 | 3 182.92 | 859.16 | 161 776.66 |
October 2031 | 4 042.08 | 3 199.50 | 842.59 | 158 577.17 |
November 2031 | 4 042.08 | 3 216.16 | 825.92 | 155 361.01 |
December 2031 | 4 042.08 | 3 232.91 | 809.17 | 152 128.10 |
January 2032 | 4 042.08 | 3 249.75 | 792.33 | 148 878.35 |
February 2032 | 4 042.08 | 3 266.68 | 775.41 | 145 611.67 |
March 2032 | 4 042.08 | 3 283.69 | 758.39 | 142 327.98 |
April 2032 | 4 042.08 | 3 300.79 | 741.29 | 139 027.19 |
May 2032 | 4 042.08 | 3 317.98 | 724.10 | 135 709.21 |
June 2032 | 4 042.08 | 3 335.26 | 706.82 | 132 373.94 |
July 2032 | 4 042.08 | 3 352.64 | 689.45 | 129 021.30 |
August 2032 | 4 042.08 | 3 370.10 | 671.99 | 125 651.21 |
September 2032 | 4 042.08 | 3 387.65 | 654.43 | 122 263.56 |
October 2032 | 4 042.08 | 3 405.29 | 636.79 | 118 858.26 |
November 2032 | 4 042.08 | 3 423.03 | 619.05 | 115 435.23 |
December 2032 | 4 042.08 | 3 440.86 | 601.23 | 111 994.37 |
January 2033 | 4 042.08 | 3 458.78 | 583.30 | 108 535.60 |
February 2033 | 4 042.08 | 3 476.79 | 565.29 | 105 058.80 |
March 2033 | 4 042.08 | 3 494.90 | 547.18 | 101 563.90 |
April 2033 | 4 042.08 | 3 513.10 | 528.98 | 98 050.79 |
May 2033 | 4 042.08 | 3 531.40 | 510.68 | 94 519.39 |
June 2033 | 4 042.08 | 3 549.79 | 492.29 | 90 969.60 |
July 2033 | 4 042.08 | 3 568.28 | 473.80 | 87 401.31 |
August 2033 | 4 042.08 | 3 586.87 | 455.22 | 83 814.45 |
September 2033 | 4 042.08 | 3 605.55 | 436.53 | 80 208.90 |
October 2033 | 4 042.08 | 3 624.33 | 417.75 | 76 584.57 |
November 2033 | 4 042.08 | 3 643.21 | 398.88 | 72 941.36 |
December 2033 | 4 042.08 | 3 662.18 | 379.90 | 69 279.18 |
January 2034 | 4 042.08 | 3 681.25 | 360.83 | 65 597.93 |
February 2034 | 4 042.08 | 3 700.43 | 341.66 | 61 897.50 |
March 2034 | 4 042.08 | 3 719.70 | 322.38 | 58 177.80 |
April 2034 | 4 042.08 | 3 739.07 | 303.01 | 54 438.72 |
May 2034 | 4 042.08 | 3 758.55 | 283.54 | 50 680.18 |
June 2034 | 4 042.08 | 3 778.12 | 263.96 | 46 902.05 |
July 2034 | 4 042.08 | 3 797.80 | 244.28 | 43 104.25 |
August 2034 | 4 042.08 | 3 817.58 | 224.50 | 39 286.67 |
September 2034 | 4 042.08 | 3 837.47 | 204.62 | 35 449.20 |
October 2034 | 4 042.08 | 3 857.45 | 184.63 | 31 591.75 |
November 2034 | 4 042.08 | 3 877.54 | 164.54 | 27 714.21 |
December 2034 | 4 042.08 | 3 897.74 | 144.34 | 23 816.47 |
January 2035 | 4 042.08 | 3 918.04 | 124.04 | 19 898.43 |
February 2035 | 4 042.08 | 3 938.45 | 103.64 | 15 959.98 |
March 2035 | 4 042.08 | 3 958.96 | 83.12 | 12 001.02 |
April 2035 | 4 042.08 | 3 979.58 | 62.51 | 8 021.45 |
May 2035 | 4 042.08 | 4 000.31 | 41.78 | 4 021.14 |
June 2035 | 4 042.08 | 4 021.14 | 20.94 | 0 |
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Best mortgage lenders in South Dakota
The most popular mortgage lenders in South Dakota operate nationwide. These include such recognizable names as Change Home Mortgage, Rocket Mortgage, Morty Inc. Several lesser known but trustworthy options include South Dakota-based Blue Ribbon Mortgage & Investments, BankWest Mortgage.
How to calculate mortgage payment in South Dakota
Use our simple and user-friendly mortgage calculator SD to evaluate your future monthly expenses. A detailed instruction follows below.
Why and How to Use Our Mortgage Calculator
Use our house payment calculator for comprehensive financial planning in South Dakota. Let’s take a closer look at each field in order to gain a better understanding of the mortgage in South Dakota parameters.
The initial piece of information we need is the home price, which represents the amount you intend to spend on your future property. A down payment is the upfront portion of this price. To avoid expensive insurance premiums, it's advisable to come up with a down payment of at least 20% (for conventional loans). The remaining amount constitutes the principal, which is 80% of the home price if you have a 20% down payment.
A loan term is the duration over which you'll fully repay your mortgage through scheduled payments. Fixed-rate conforming loans typically have a maximum term of 30 years, while adjustable-rate options often have shorter terms.
An interest rate is a fixed or variable percentage of the principal that you'll pay over the loan's duration. It's important to note that you're actually charged an annual percentage rate (APR), which isn't exactly the same as the interest rate. While the interest rate forms the majority of the APR, the latter also includes various fees such as origination fees, closing costs, and insurance payments.
For more precise assessment, the interest rate used for these calculations is based on the current mortgage rates in South Dakota, given a $400,000 home price and a 10% down payment.
Median property taxes in South Dakota counties
Property taxes are another crucial factor to take into account when choosing your future home. In many cases, lenders require the establishment of a mortgage escrow account to ensure that the borrower remains current with their tax and insurance obligations.
County | Avg. property tax rate | Avg. home value |
---|---|---|
Aurora County | $946 | $72,300 |
Beadle County | $1,342 | $104,800 |
Bennett County | $800 | $69,000 |
Bon Homme County | $1,147 | $80,400 |
Brookings County | $1,913 | $165,100 |
Brown County | $1,661 | $152,900 |
Brule County | $982 | $117,100 |
Buffalo County | $1,161 | $51,400 |
Butte County | $1,543 | $123,900 |
Campbell County | $597 | $65,900 |
Charles Mix County | $1,049 | $89,900 |
Clark County | $773 | $81,100 |
Clay County | $1,720 | $146,400 |
Codington County | $1,461 | $166,500 |
Corson County | $630 | $53,300 |
Custer County | $1,554 | $202,600 |
Davison County | $1,513 | $141,000 |
Day County | $925 | $86,000 |
Deuel County | $942 | $112,700 |
Dewey County | $680 | $65,700 |
Douglas County | $1,022 | $80,800 |
Edmunds County | $907 | $114,000 |
Fall River County | $1,125 | $116,700 |
Faulk County | $558 | $85,700 |
Grant County | $1,080 | $115,800 |
Gregory County | $791 | $68,600 |
Haakon County | $724 | $78,100 |
Hamlin County | $1,088 | $117,400 |
Hand County | $910 | $115,100 |
Hanson County | $1,217 | $121,300 |
Harding County | $829 | $82,300 |
Hughes County | $1,711 | $173,400 |
Hutchinson County | $1,089 | $81,300 |
Hyde County | $987 | $88,100 |
Jackson County | $783 | $55,800 |
Jerauld County | $805 | $77,700 |
Jones County | $761 | $77,700 |
Kingsbury County | $914 | $105,900 |
Lake County | $1,400 | $155,200 |
Lawrence County | $1,851 | $189,200 |
Lincoln County | $2,470 | $209,700 |
Lyman County | $772 | $81,700 |
Marshall County | $890 | $106,700 |
McCook County | $1,281 | $120,700 |
McPherson County | $780 | $54,500 |
Meade County | $1,934 | $168,400 |
Mellette County | $510 | $45,300 |
Miner County | $929 | $82,000 |
Minnehaha County | $2,062 | $190,400 |
Moody County | $1,378 | $118,900 |
Pennington County | $1,995 | $1,995 |
Perkins County | $837 | $74,300 |
Potter County | $863 | $81,600 |
Roberts County | $1,071 | $95,700 |
Sanborn County | $776 | $72,800 |
Spink County | $988 | $77,300 |
Stanley County | $1,244 | $158,300 |
Sully County | $772 | $122,300 |
Todd County | $818 | $38,500 |
Tripp County | $900 | $85,800 |
Turner County | $1,232 | $110,400 |
Union County | $1,562 | $161,300 |
Walworth County | $1,054 | $82,400 |
Yankton County | $1,590 | $140,400 |
Ziebach County | $605 | $57,100 |
Source: American Communities Survey 2016, U.S. Census
South Dakota Housing Market 2025
Over the past year, there has been a significant rise in the housing market value in South Dakota. This trend builds upon a longstanding pattern that was further accelerated by the COVID pandemic. However, it's worth noting that the rate of growth has slowed compared to the previous year. Additionally, both purchase and refinance rates have been steadily increasing for some time and are anticipated to continue rising in the near future.
How do I calculate my mortgage payment?
The most convenient way to do this is to make use of our calculator. It's powered by a simple formula, which you can also use to calculate the amount to be paid by hand:
M = P*i(1 + i)^n / (1 + i)^n – 1
M – estimated monthly mortgage payment;
P – principal;
I – monthly interest rate (to determine it, divide your annual mortgage rate by 12);
N – the loan term expressed in months (in other words, the overall number of monthly payments)
Imagine you are applying for a 15-year mortgage loan with a fixed 6.99% APR (which is .0699 as a unit fraction). The house costs $500k, with 10% ($50,000) to be paid down. The principal amount (P) will be equal to 90% of the initial home cost ($500,000 – $50,000 = $450,000).
I = .0699 % / 12 = .005825%.
Finally, let’s convert the loan length from years to months: N = 15 * 12 = 180.
M ($) = 450,000*.005825(1 + .005825)^180 / (1 + .005825)^180 – 1 ≈ 4042.
So, you are going to pay about $4042 a month.
It is important to note that the calculated M value is approximate, as no extra fees are taken into account.
Tips for first-time home buyers in South Dakota
To begin with, there are several federal agencies such as USDA, FHA, and VA that provide loan guarantees to eligible borrowers. These programs offer various options that can align with the financial constraints of many first-time homebuyers.
Besides these government-guaranteed programs, it is worth considering some offers from UHC (South Dakota Housing Corporation) available to South Dakotans. In particular, first-time home buyers can apply for FirstHome – down payment and closing costs assistance program, if they qualify for a FHA loan and their FICO score is at least 660. This option covers up to 6% of the loan amount toward down payment and/or the closing costs. It is important to note that this option comes in the form of a 30-year-fixed-rate second loan only. If you do not qualify for the FirstHome program, do not despair. South Dakota Housing Score Loan is an alternative program that covers up to 4%. The minimum satisfactory credit score is 620.
Here are some valuable tips for those entering the housing market for the first time:
- Get pre-approved beforehand. This enhances your credibility in the eyes of potential sellers. It's advisable to obtain pre-approval letters from multiple lenders, ideally two or three.
- Compare different mortgage rates. Consider at least three lenders to ensure you get the best possible terms for your mortgage.
- Do preliminary calculations based on the amount you have been pre-approved for. This will help you budget for future expenses effectively.
- Set aside for a down payment as much as possible – and as early as possible. The down payment will decrease the principal amount, which, in turn, can reduce your potential expenses. So it is important to start saving in advance.
- If you are eligible for a VA loan, consider this option first of all.
- Consider government-backed plans, as well as local assistance programs. There can be tempting offers – don't miss the boat.
- Pay off previous debts, if possible.