Quick answer
The median home in Sioux Falls costs $410K. With 20% down ($82K) at 7% for 30 years, the monthly payment is $2,182/month. Total interest paid over 30 years: $457,589.
Calculator · SD · 2026
Mortgage Calculator for Sioux Falls, SD (2026)
Pre-filled with Sioux Falls's median home price of $410K. Compare payments across down payment sizes and loan terms at the current 7.0% baseline rate.
Last updated: April 23, 2026
Sioux Falls Mortgage Payment Scenarios
Median home price: $410K · Interest rate: 7% · Excludes property taxes and insurance.
| Down Payment | Down ($) | Loan Amount | 30-yr/mo | 15-yr/mo | Total Interest (30yr) |
|---|---|---|---|---|---|
| 5% | $20,500 | $389,500 | $2,591 | $3,501 | $543,387 |
| 10% | $41,000 | $369,000 | $2,455 | $3,317 | $514,788 |
| 20% | $82,000 | $328,000 | $2,182 | $2,948 | $457,589 |
PMI required for <20% down — add ~$100–300/month to payments above.
Rent vs Buy in Sioux Falls
Monthly cost comparison based on median prices — 20% down, 30-year mortgage at 7%.
Buying (median home)
+ builds equity in $410K asset
Renting (2-bedroom)
Flexibility to move; no equity built
Amortization Over Time
$410K home · 20% down ($328K loan) · 7% · 30 years
Year 1
Year 15
Year 30 (Final)
Frequently Asked Questions
What is the monthly mortgage payment for a home in Sioux Falls?
The median home price in Sioux Falls is $410K. With 20% down and a 30-year loan at 7%, the monthly payment is $2,182. Adding estimated property taxes and insurance brings total monthly costs to approximately $2,592.
Is it cheaper to rent or buy in Sioux Falls?
A 2-bedroom rental in Sioux Falls averages $1,450/month. Buying the median $410K home with 20% down costs approximately $2,592/month (mortgage + taxes + insurance) — $1,142 more than renting. However, buying builds equity while renting does not.
How much do I need to earn to buy a home in Sioux Falls?
Using the 28% housing rule, you need at least $94K–111K in annual gross income to comfortably afford the median $410K home in Sioux Falls with 20% down. You also need $82K+ saved for the down payment plus 2–5% in closing costs.
What are property taxes like in Sioux Falls?
SD has a state income tax rate of None. Property taxes vary by county but on a $410K home, expect $342–$683/month in property taxes (1–2% annual rate). This is in addition to your mortgage payment.