Sioux Falls, SD Mortgage Calculator
Calculate your estimated mortgage payment for a home in Sioux Falls, SD. Pre-filled with Sioux Falls's average home price of $300,000, local property tax rate of 1.32%, and typical insurance costs.
$300,000
Avg. Home Price
1.32%
Property Tax Rate
$2,100
Avg. Annual Insurance
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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? The date of the last payment
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? The date of the last bi-weekly payment
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? Total interest paid
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? Total interest paid if bi-weekly payments made
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? Monthly property tax paid (included in above PITI payment)
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? Monthly Home Insurance paid (included in above PITI payment)
Sioux Falls, SD Mortgage Overview
The average home in Sioux Falls costs around $300,000. With a 20% down payment of $60,000, you would need a loan of $240,000.
Sioux Falls homeowners pay a property tax rate of approximately 1.32%, which translates to about $3,960 per year on the average home. Annual homeowners insurance in Sioux Falls averages around $2,100.
What Affects Your Sioux Falls Mortgage Payment?
Your monthly PITI payment in Sioux Falls includes four components:
- Principal — the portion that reduces your loan balance
- Interest — the cost of borrowing, based on your rate and remaining balance
- Taxes — Sioux Falls’s property taxes average 1.32%, higher than the South Dakota state average of 1.28%
- Insurance — homeowners insurance in Sioux Falls averages $2,100/year
Tips for Sioux Falls Home Buyers
- Compare rates from multiple Sioux Falls lenders — even a 0.25% rate difference can save tens of thousands over the life of your loan
- Check your credit score before applying — a higher score means better rates
- Consider bi-weekly payments — paying every two weeks instead of monthly can shave years off your mortgage
- Factor in PMI — if your down payment is less than 20%, you’ll pay Private Mortgage Insurance until you reach 80% loan-to-value
- Look at Sioux Falls first-time buyer programs — many South Dakota cities offer down payment assistance or reduced rates for first-time buyers
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