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.
Rapid City mortgage calculator
A median-priced Rapid City, SD home at 6.75% over 30 years, with South Dakota property tax of 1.08% and $2,900 a year of homeowners insurance. Every figure below is computed on our amortising engine — nothing is estimated in the browser.
$2,387 a month, all in
Principal and interest are $1,751; escrow and PMI add the rest. Over the full term the loan costs $360,437 in interest. Discounted at 5%, buying here has a net present value of $-17,029 ($151,389 in today’s dollars).
Within South Dakota, Rapid City is 2nd of the 3 South Dakota markets covered here, between Sioux Falls at the top and Aberdeen at the bottom of a 1.25x spread. A state-level median hides most of that.
A price-to-rent ratio of 20.0 puts Rapid City in the middle of the range, where the rent-vs-buy answer is decided by how long you stay and what the deposit would otherwise earn.
Rapid City prices track the South Dakota median closely, at $300,000 against $300,000 statewide, so the state-level tax and insurance assumptions carry over without much adjustment.
Monthly cost in Rapid City vs comparable rent
Owning is stacked by component; renting is the local median asking rent.
The monthly breakdown
| Median home price | $300,000 |
|---|---|
| Down payment (10%) | $30,000 |
| Loan amount | $270,000 |
| Principal & interest | $1,751/mo |
| Property tax (1.08%) | $270/mo |
| Homeowners insurance | $242/mo |
| PMI while above 80% LTV | $124/mo |
| Total monthly payment | $2,387/mo |
| Comparable rent | $1,250/mo |
What a rate move does to the Rapid City payment
| Rate | Principal & interest |
|---|---|
| 5.5% | $1,533/mo |
| 6% | $1,619/mo |
| 6.5% | $1,707/mo |
| 7% | $1,796/mo |
| 7.5% | $1,888/mo |
| 8% | $1,981/mo |
Rent or buy in Rapid City?
Against $1,250 a month in rent, over 7 years renting leaves you about $80,564 better off — $67,776 once 2.5% inflation is stripped out. See the South Dakota rent-vs-buy page.
Where these numbers come from
South Dakota medians come from editorial and are refreshed weekly. The Rapid City figures index those state medians to the local market, so they track the same feed rather than going stale. Insurance and the state income tax rate are editorial. Treat everything here as a planning estimate, not a quote.