Monthly Payment on a $300K Mortgage in South Dakota
Using South Dakota's 1.22% property tax rate and $2,300/yr homeowners insurance.
$300K 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% | $2,281 | $2,187 | $1,859 |
| 6.0% | $2,372 | $2,273 | $1,936 |
| 6.5% | $2,464 | $2,361 | $2,014 |
| 7.0% | $2,559 | $2,450 | $2,093 |
| 7.5% | $2,656 | $2,542 | $2,175 |
| 8.0% | $2,754 | $2,635 | $2,258 |
How This Compares to South Dakota's Median
A $300K home is close to South Dakota's median of $295K — this represents a typical purchase in the state. Cities at this price range include Sioux Falls, Box Elder, Sturgis, Brookings.
Income Needed for a $300K Home in South Dakota
To afford this payment of $2,361/mo in South Dakota, you'd need a household income of approximately $101K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in South Dakota
Estimated closing costs in South Dakota: $2K (0.7% of purchase price). South Dakota also charges a 0.1% transfer tax, which may add $300 to your transaction costs.
What to Know About a $300K Mortgage in South Dakota
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding South Dakota's 1.22% property tax ($305/mo) and $2,300/yr insurance ($192/mo) brings your total to $2,361/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.