Mortgage on a $500K house in South Dakota
$3,372 a month with 20% down — $2,691 principal and interest plus $432 property tax and $250 insurance.
South Dakota's typical property tax is 1.04% of the home's value a year (U.S. average 0.9%), which adds $432 a month on a $500K home. The typical home in South Dakota is worth $317,874, so $500K is 57% above the typical price.
$500K home in South Dakota: payment by down payment
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $100,000 | $400,000 | $2,691 | $0 | $682 | $3,372 | $144,500 |
| 10% down | $50,000 | $450,000 | $3,027 | $188 | $682 | $3,896 | $167,000 |
| 5% down | $25,000 | $475,000 | $3,195 | $198 | $682 | $4,075 | $174,600 |
| 3.5% down (FHA) | $17,500 | $490,944 | $3,303 | $221 | $682 | $4,205 | $180,200 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.04% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Where in South Dakota does $500K buy a typical home?
In these counties the typical home value is within 15% of $500K:
| County | Typical home | Tax rate | Total / month |
|---|---|---|---|
| Custer County | $492,902 | 0.77% | $3,263 |
| Lawrence County | $442,665 | 0.79% | $3,271 |
50 of 50 South Dakota counties tracked by Zillow have a typical home value at or below $500K. See all South Dakota home prices.
Other prices in South Dakota
Frequently asked questions
What is the mortgage on a $500K house in South Dakota?
About $3,372 a month with 20% down at 7.11%: $2,691 principal and interest, $432 property tax and $250 insurance.
How much do I need to make to buy a $500K house in South Dakota?
About $144,500 a year, so that the payment stays under 28% of your gross income.
What is the property tax on a $500K house in South Dakota?
At South Dakota's typical effective rate of 1.04%, about $5,179 a year. Rates vary by county and city — see the county pages.