CALCMONEY // MORTGAGE REFINANCE // SD
South Dakota average rate: 7.00%. On the median loan of $236,000, a 1% rate drop saves $155/month and breaks even in 39 months.
Calculate Your Refinance7.00%
$295,000
$1,570
$5,900
| New Rate | New Monthly | Monthly Savings | Break-Even | 30yr Savings |
|---|---|---|---|---|
| 6.50% (save 0.5%) | $1,492 | $78/mo | 6yr 4mo | $22,336 |
| 6.00% (save 1.0%) | $1,415 | $155/mo | 3yr 3mo | $49,963 |
| 5.50% (save 1.5%) | $1,340 | $230/mo | 2yr 2mo | $76,947 |
The median home price in South Dakota is $295,000. At 80% LTV, the typical loan is $236,000 at the current 7.00% average rate, producing a monthly P+I payment of $1,570. Total interest over 30 years at this rate: $329,241.
Property taxes in South Dakota average 1.28% of assessed value, or $3,776 per year on the median home. This adds $315/month to your all-in housing cost. When evaluating a refinance, factor in property tax and insurance for a complete picture.
South Dakota has no state income tax, so there is no state-level mortgage interest deduction. The federal deduction still applies on loans up to $750,000 for itemizers.
New Mexico
$290,000 median home
SCSouth Carolina
$310,000 median home
PAPennsylvania
$275,000 median home
WIWisconsin
$275,000 median home