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  1. United States
  2. Best Mortgage Brokers
  3. Mortgage Brokers in South Dakota
  4. Sioux Falls
  5. Mortgage Affordability Calculator
1 · Your income
2 · Down payment
3 · What you can afford
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Mortgage Affordability Calculator Sioux Falls, SD

How much house can you afford in Sioux Falls? See your maximum price, monthly payment and pre-approval estimate. Free, instant, no credit check.

Updated · current rates and lending limits

Add your partner's income if you're buying together.

Car loans, credit cards, lines of credit, student loans. Not rent.

Property tax are for this state.

An estimate, not a mortgage approval or pre-approval. A mortgage broker confirms your real number.

Top-rated mortgage brokers in Sioux Falls

Ranked by TrustAnalytica from verified reviews · see the full Top 10 list →

1
Jeff Buum - Reverse Mortgage Specialist | Fairway Heartland reviews

Jeff Buum - Reverse Mortgage Specialist | Fairway Heartland

5
25 reviews
Verified

Certified Reverse Mortgage Specialist Jeff Buum at Fairway Heartland brings over 20 years of local lending experience to help homeowners 62 and older access home equity through reverse mortgages. The team also offers FHA, VA, USDA, conventional, and jumbo loans, with clients appreciating their clear communication and smooth process despite occasional minor delays.

Services & Prices
First-Time Homebuyer Loans, Conventional Loans, Government-Backed Loans)
Rate-and-Term Refinancing, Cash-Out Refinancing, Streamline Refinancing)
View Profile
(605) 321-7303
Open 7:00 AM - 9:00 PM
7615 Kenton Ln S Ste 110
Website Directions
General Services
Mortgage Financing
2
Fairway Independent Mortgage Corporation reviews

Fairway Independent Mortgage Corporation

4.8
107 reviews

Known for clear communication and timely service, Sioux Falls Mortgage offers a wide range of loan options including FHA, VA, conventional, and reverse mortgages. The licensed team provides personalized guidance through home purchases and refinancing, with many clients appreciating their accessibility and support throughout the process.

Services & Prices
Home Purchase Loans Quoted per loan
Refinancing Quoted per loan
Prequalification Quoted per loan
View Profile
(605) 334-0484
Open 8:00 AM - 6:00 PM
111 W 39th St, Sioux Falls, SD 57105, USA
Website Directions
General Services
Mortgage Services
3
Guaranteed Rate - Sioux Falls reviews

Guaranteed Rate - Sioux Falls

4.9
30 reviews

Known for its fast, digital mortgage approvals and a variety of loan options, Guaranteed Rate in Sioux Falls serves first-time buyers, investors, and seasoned homeowners. The team offers purchase, refinance, and renovation loans while guiding clients through the process with clear explanations. Some customers note occasional gaps in first-time buyer knowledge but appreciate the overall… more...

Known for its fast, digital mortgage approvals and a variety of loan options, Guaranteed Rate in Sioux Falls serves first-time buyers, investors, and seasoned homeowners. The team offers purchase, refinance, and renovation loans while guiding clients through the process with clear explanations. Some customers note occasional gaps in first-time buyer knowledge but appreciate the overall responsiveness and support.

Services & Prices
Home Purchase Loan Quoted per loan
Refinancing Quoted per loan
First-Time Homebuyer Assistance Quoted per loan
View Profile
(605) 331-5773
Open 8:00 AM - 5:00 PM
101 W 69th St Suite 100, Sioux Falls, SD 57108, USA
Website Directions
General Services
Mortgage Services
Where they are 3 on the map Click a pin for the profile and directions

Sioux Falls Mortgage Statistics

Home-purchase lending in Minnehaha County and home costs in Sioux Falls, SD (latest HMDA and Census data)

Lenders made 2,778 home-purchase loans in Minnehaha County in 2025 (average about $341,000) and denied 211 — 7% of decided applications, compared with 9% across South Dakota, according to federal mortgage data (HMDA, CFPB). In Sioux Falls, the median home is worth $292,400 and 65% of owners have a mortgage, paying a median $1,727 a month (Census ACS 2020–2024).

Home-purchase loans, 2025
2,7780%2,768 in 2024
Denial rate
7%SD 9%
Median home value
$292,400SD $257,400
Monthly cost with a mortgage
$1,727median · SD $1,680
Refinance loans made (Minnehaha County, 2025)
1,338 · 1,130 in 2024
Home-improvement loans made (2025)
309
Average home-purchase loan
$341,000 (SD $328,000)
Owners with a mortgage
65% · 20% of them spend 30%+ of income on housing
Median household income
$75,970 (SD $75,081)

Source: CFPB / FFIEC Home Mortgage Disclosure Act (HMDA) data, 2024–2025 loan applications in Minnehaha County (originated vs denied); home values and costs: U.S. Census Bureau ACS 2020–2024. Compiled by TrustAnalytica.

How this Sioux Falls mortgage affordability calculator works

Lenders look at your debt-to-income ratio. Housing costs (principal and interest, property tax, homeowners insurance and mortgage insurance) should stay under about 31% of your gross monthly income, and housing plus your other monthly debts under 43%. The calculator finds the highest home price that passes both tests with your down payment, on a 30-year fixed loan.

South Dakota rules and numbers this calculator uses

Debt-to-income
31% for housing and 43% total, the FHA standard and the long-time Qualified Mortgage limit. Some conventional loans go higher with strong credit and savings.
Down payment
At least 3% on a conventional first-time buyer loan (3.5% on FHA). Under 20% down, private mortgage insurance of about 0.6% of the loan a year is added to the payment.
Property tax
About 1% of the home's value a year, the South Dakota average for owner-occupied homes (2024 Census ACS).
Insurance
Homeowners insurance assumed at $150 a month; it varies a lot by home and location.
Rate
Starts at 7.40% (Freddie Mac 30-year average, October 2026). Change it to the rate you have been quoted.

An estimate, not a mortgage approval or pre-approval. Your credit, income type, the property and the lender all change the answer; a mortgage broker confirms your real number. Sources: Freddie Mac Primary Mortgage Market Survey (October 2026), U.S. Census Bureau American Community Survey 2024 property tax data, FHA and CFPB debt-to-income guidance.

Frequently asked questions

8 questions
How does the mortgage affordability calculator work?
It estimates the highest home price you can qualify for using income, debts, down payment, and interest rate. It includes mortgage, PMI, and property tax.
What is the debt-to-income ratio for mortgages?
Lenders often cap housing costs at 31% of gross income and total debt payments at 43%, following FHA standards. Strong credit may allow more.
What's the minimum down payment for a mortgage in South Dakota?
First-time buyers can put down 3% on conventional loans or 3.5% on FHA loans. VA and USDA loans may allow 0% down for eligible buyers.
How do interest rates affect mortgage affordability?
Higher interest rates increase monthly payments, reducing the home price you can afford. Rates start at 7.40% in this calculator and change weekly.
How do debts impact the mortgage amount I can borrow?
Higher monthly debts reduce the mortgage amount you can qualify for, as lenders consider total debt payments in their calculations.
What is the property tax rate in Sioux Falls, South Dakota?
Property tax is about 1% of the home's value annually in South Dakota, based on the 2024 average for owner-occupied homes.
What's the difference between mortgage pre-approval and pre-qualification?
Pre-approval involves lender verification of income, debts, credit, and down payment. Pre-qualification is a preliminary estimate without verification.
How does PMI affect my mortgage in Sioux Falls?
With less than 20% down on conventional loans, PMI adds about 0.6% of the loan annually. It can be removed once the balance is below 80% of the home's value.

General information, not financial advice — consult a qualified professional.