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A South Dakota jumbo loan calculator estimates the monthly payments and total cost of your jumbo loan, allowing you to make sure you can afford the cost before buying. In South Dakota, the conforming loan limit is $806,500 for single-family homes. Anything above this amount will require a jumbo loan.
Keep reading to learn more on jumbo loans versus conforming loans, how to use the South Dakota jumbo loan calculator, and how to save on your jumbo loan.
Key Points
• The South Dakota jumbo mortgage calculator helps estimate monthly mortgage payments and total interest accrued.
• To use the calculator, input the purchase price of the home, the down payment amount, the loan term, the interest rate, and the property tax rate.
• Jumbo loans often have stricter qualification criteria, including higher credit scores and significant cash reserves.
• Jumbo loans require a down payment of at least 10%. Higher down payments can improve loan terms and reduce monthly payments.
• The calculator allows you to compare different loan scenarios to find the best fit.
South Dakota Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In all South Dakota counties in 2025, the conforming loan limit for a single-family home is $806,500.
• Home price: The home price is the agreed-upon purchase price between the buyer and the seller. This helps determine the home loan amount and the monthly payments.
• Down payment: The down payment is the initial amount a homebuyer contributes upfront, typically expressed as a percentage of the home’s purchase price. For jumbo loans, lenders often require at least 10% of the purchase price.
• Loan term: The loan term is the duration over which you repay the mortgage, usually 15 or 30 years.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. It can be fixed or variable. Interest rates vary based on borrower qualifications, market conditions, and the type of mortgage loan.
• Annual property tax: Annual property tax is levied by local governments on land and buildings. It is a percentage of the property’s assessed value.
How to Use the South Dakota Jumbo Loan Calculator
Using a South Dakota jumbo loan calculator is straightforward. It helps you estimate monthly payments, total interest, and other costs. Here’s a step-by-step guide on how to use it.
Step 1: Enter Your Home Price
Type in the agreed-upon purchase price of the home.
Step 2: Add a Down Payment Amount
Specify the total amount you plan to use as a down payment. A higher down payment can improve loan terms and reduce monthly payments. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select a loan term from 10 to 30 years. A 30-year term offers lower monthly payments, while a 15-year term (or lower) saves on interest.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. Interest rates can fluctuate based on market conditions and your creditworthiness.
Step 5: Enter Your Annual Property Tax
Enter the annual property tax as a percentage of the assessed property value. In South Dakota, the average effective property tax rate is 1.14%, but it varies by county.
What Are Jumbo Loans and Conforming Loan Limits?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In all South Dakota counties in 2025, the conforming loan limit for a single-family home is $806,500. If you’re financing a home that costs more, you’ll need a jumbo loan.
When comparing jumbo loans vs. conventional loans, jumbo loans often have stricter qualification criteria, such as higher credit scores and significant cash reserves, but they offer the flexibility needed to purchase high-value properties. Understanding these limits and criteria is essential for making informed decisions about your home financing.
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan calculator has several advantages. It helps you budget by providing a clear estimate of monthly payments and total interest. You can compare different interest rates, loan terms, and down payment scenarios to see how they affect your payments.
This tool is also invaluable for comparing offers from multiple lenders, ensuring you find the best loan for your needs. With these insights, you can confidently navigate the home-buying process and make the best financial choices for your future.
How to Use the Jumbo Loan Calculator to Compare Scenarios
You can use the jumbo loan mortgage calculator to compare different loan scenarios and meet your financial goals. With the calculator, you can:
• Adjust the home price to see what you can afford.
• Consider a larger down payment to lower interest costs and your monthly payment.
• Experiment with loan terms to see their impact on payments and total interest.
• Explore different interest rates to find the best option. To get the best rate, build your credit score before applying.
• Understand the impact of property tax rates on your monthly payment.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Deciding How Much House You Can Afford in South Dakota
Before committing to a jumbo loan, it’s important to determine how much house you can afford based on your income. Lenders generally advise that your mortgage should not exceed 28% of your gross monthly income. For a $1 million home, you would need about a $250,000 income, assuming a 10% down payment, a 30-year mortgage, and a 6.75% interest rate. This yields a $5,837 monthly payment, excluding taxes and other fees.
Factoring in all debts is important, too. Total debt payments should stay within 36% of your gross monthly income. In the example above, if your debts exceed about $1,600 a month — think student loans, credit cards, and car payments — the income needed for a $900,000 mortgage would be higher.
If your monthly debts exceed $3,000, an income closer to $300,000 is needed. Mortgage preapproval can clarify your maximum mortgage, simplifying the homebuying process. Though, only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.
The main components of a jumbo loan payment include the mortgage principal and interest. The principal is the amount you borrow, and the interest is the cost of borrowing that amount.
Additionally, a jumbo loan calculator factors in the annual property tax assessment. Property taxes are typically calculated as a percentage of the assessed property value by the local government. In South Dakota, the average effective property tax rate on owner-occupied housing averages around 1.14%.
And finally, your monthly mortgage payment may include homeowners insurance and homeowners association (HOA) fees. Knowing how these expenses factor in gives you a clearer view of your overall financial commitment and helps you prepare for the true costs of homeownership.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Cost of Living in South Dakota
The cost of living in your area will have an effect on how much you can afford to spend on a home. According to MERIC, the cost of living index in South Dakota is 91.8, which is about 8% lower than the national average of 100. And fortunately for South Dakota homebuyers, housing costs are approximately 15% lower than the national average. This means you may be able to get more house for your money than you would in other areas of the country.
Even if you understand that your mortgage payment will be a stretch financially, it’s important to consider other expenses like utilities, home maintenance, transportation, and groceries. These additional costs can add up and affect your overall financial stability. In South Dakota, these fall below the national average, too, but still need to be factored into your budget. Utilities are 14% lower, transportation is 5% lower, and groceries are 3% lower.
You can use a home affordability calculator to get a general idea of what you can afford based on your income and current debts.
Tips on Reducing Your Jumbo Loan Payment
Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies to consider:
• Shop around for the best home loan rates. A lower interest rate can significantly reduce your monthly payment and total interest paid.
• Consider an adjustable-rate mortgage (ARM). ARMs may offer a lower initial interest rate, making monthly payments more manageable during the early years of homeownership.
• Modify your loan. In cases of financial hardship, your lender might agree to lower the interest rate or extend the loan term to make payments more manageable.
• Extend the term of your loan through a mortgage refinance. Refinancing to a longer term can lower monthly payments, though it will increase total interest paid over the life of the loan.
The Takeaway
When considering a high-value property in South Dakota, a jumbo loan calculator can help aid your decision-making process. It estimates monthly payments, total interest paid over the life of the loan, and the impact of different down payment scenarios, interest rates, and loan terms on your overall financial burden.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgages: We make mortgage loan applications smart and simple.
A jumbo loan is a mortgage exceeding the conforming loan limits. For 2025, the limit for a single-family home in South Dakota is $806,500 in all counties. Higher limits may apply in more expensive regions in the U.S.
Is $900,000 a jumbo loan?
Yes, a $900,000 mortgage is generally considered a jumbo loan in most areas, including South Dakota. The conforming loan limit for a single-family home in most areas in 2025 is $806,500.
Do you need 20% for a jumbo loan?
While a 20% down payment is often recommended, it is not always required. Some lenders accept as low as 10%. A higher down payment can lead to better loan terms and lower monthly payments.
What credit score is needed for a jumbo loan?
Qualifying for a jumbo loan typically requires a higher credit score, often 700 or above, with some lenders requiring 740 or higher. A strong credit score demonstrates your reliability and ability to manage debt. You can build your credit score by making all of your debt payments on time, keeping your debt-to-income ratio low, and disputing any errors you may find on your credit report.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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