Monthly Payment on a $150K Mortgage in South Dakota
Using South Dakota's 1.22% property tax rate and $2,300/yr homeowners insurance.
$150K Mortgage in South Dakota: Rate Comparison
Monthly PITI payment using South Dakota's 1.22% property tax and $2,300/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,236 | $1,189 | $1,026 |
| 6.0% | $1,282 | $1,232 | $1,064 |
| 6.5% | $1,328 | $1,276 | $1,103 |
| 7.0% | $1,375 | $1,321 | $1,143 |
| 7.5% | $1,424 | $1,367 | $1,183 |
| 8.0% | $1,473 | $1,413 | $1,225 |
How This Compares to South Dakota's Median
A $150K home is 49% below South Dakota's median of $295K. This is well within reach in many South Dakota communities.
Income Needed for a $150K Home in South Dakota
To afford this payment of $1,276/mo in South Dakota, you'd need a household income of approximately $55K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in South Dakota
Estimated closing costs in South Dakota: $1K (0.7% of purchase price). South Dakota also charges a 0.1% transfer tax, which may add $150 to your transaction costs.
What to Know About a $150K Mortgage in South Dakota
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding South Dakota's 1.22% property tax ($153/mo) and $2,300/yr insurance ($192/mo) brings your total to $1,276/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.