South Dakota Mortgage Refinance Calculator 2026 — Break-Even Analysis
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
Current 30-year mortgage rates in South Dakota are around 6.85%. Refinancing makes sense if your current rate is 0.75%+ higher and you plan to stay at least 2–3 years. On a $300K loan, dropping from 7.5% to 6.85% saves approximately $132/month.
South Dakota Housing & Mortgage Data
| Median Home Price | $260,000 |
| 30-Year Fixed Rate | 6.85%(State average, Apr 2026) |
| Property Tax Rate | 1.14%(Effective rate) |
| Avg HO Insurance | $1,700/yr ($142/mo) |
| Typical Down Payment | 10% ($26,000) |
| Median Household Income | $62,000/yr |
Key Facts for South Dakota
- ✓South Dakota median home price is $260,000 as of 2026
- ✓30-year fixed mortgage rates in South Dakota average 6.85%
- ✓Property taxes in South Dakota are 1.14% — near the national average of 1.10%
- ✓Homeowners insurance averages $1,700/year in South Dakota
- ✓A household earning $65,000/year can typically afford the median South Dakota home
More South Dakota Calculators
Frequently Asked Questions — Mortgage Refinance Calculator in South Dakota
- When does it make sense to refinance in South Dakota?
- Refinancing makes sense in South Dakota when you can reduce your rate by at least 0.75% and you plan to stay in the home long enough to recoup closing costs (typically 2–3 years). Current 30-year rates in South Dakota are approximately 6.85%. If your current rate is above 7.60%, a refinance analysis is worth running.
- What are typical refinance closing costs in South Dakota?
- Refinance closing costs in South Dakota typically run 2–5% of the loan balance, or $4,680–$11,700 on the South Dakota median home. These include lender origination fees, appraisal, title search, and prepaid interest. Some lenders offer no-closing-cost refis with a slightly higher rate.
- What is the average mortgage payment in South Dakota?
- The average monthly mortgage payment (principal + interest) in South Dakota is approximately $1,533 for a $234,000 loan at 6.85% over 30 years. Adding property tax ($247/mo) and homeowners insurance ($142/mo) brings total PITI to about $1,922/month.
- What credit score do I need for a mortgage in South Dakota?
- Most South Dakota lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in South Dakota, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $35,100 over the life of a 30-year loan.
- How much down payment is required to buy a home in South Dakota?
- You can buy a home in South Dakota with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the South Dakota median home price of $260,000, a 20% down payment is $52,000 and lets you avoid PMI. South Dakota also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in South Dakota?
- Current 30-year fixed mortgage rates in South Dakota average 6.85% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best South Dakota mortgage rate.
- What is the property tax rate in South Dakota?
- South Dakota's effective property tax rate is 1.14%. On the South Dakota median home value of $260,000, annual property taxes are approximately $2,964 ($247/month). Property taxes in South Dakota are typically escrowed in your monthly mortgage payment.