Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
South Dakota mortgage costs
What a typical South Dakota (SD) purchase actually costs each month once property tax, insurance and PMI are included — and how to model your own numbers.
| Median home price | $300,000 |
|---|---|
| 10% down payment | $30,000 |
| Loan amount | $270,000 |
| Principal & interest (30yr @ 6.75%) | $1,751/mo |
| Property tax (1.08%) | $270/mo |
| Homeowners insurance | $242/mo |
| PMI (until 20% equity) | $113/mo |
| Estimated total monthly | $2,375/mo |
Illustrative only, at a 6.75% sample rate with 10% down. Your rate, tax assessment and insurance premium will differ.
What makes South Dakota different
No income tax means the interest deduction is worth only the federal marginal rate — most buyers take the standard deduction.
South Dakota levies no state income tax, so a mortgage interest deduction is worth only your federal marginal rate. With $3,240 of property tax a year, many buyers here never clear the standard deduction and itemise nothing at all.
Homeowners insurance is unusually expensive here — $2,900 a year, the 10th highest in the country. That is $242 a month, and unlike principal and interest it is not fixed for thirty years; premium increases land on top of a payment you already committed to.
Renting deserves a serious look here. $300,000 to buy against $1,250 a month to rent is a price-to-rent ratio of 20.0, the 14th highest in the country; at that level the deposit invested elsewhere is a real competitor rather than a consolation.
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