My Properties
My Profile
Logout
Buyer Closing Cost Calculator
Ready to see your closing costs estimate?
The most advanced buyer closing cost calculator in South Dakota
This calculator is not intended to replace a professional estimate.
Traditional Agent
Via Houzeo
Target Home Price
$0
$0
+ One-time Closing Costs & Fees (view details)
$NaN
$NaN
+ Escrow & Pre-paid Expenses (view details)
$NaN
$NaN
- Mortgage
$140,000
$140,000
- Houzeo Buyer Rebate
-
$NaN
Cash Needed from You at Settlement
$NaN
$0
1Cost of the popular Houzeo GOLD plan in South Dakota
Detailed breakdown of your costs
Loan Costs This category provides a comprehensive overview of the fees involved in getting your mortgage. It is only applicable to home buyers who finance their property by getting a mortgage. It is not applicable to home sellers.
At Closing
Before Closing
A. Origination Charges Also known as origination fees, this is the amount charged by your lender for administrative costs associated with mortgage application and processing.
$1,125
$0
Origination fees Also known as origination charges, this is the amount charged by your lender for administrative costs associated with mortgage application and processing. Some lenders split this into
1. Application fee (the cost of taking your application and gathering documentation)
2. Underwriting fee (the cost to have someone look at your application and determine if you qualify).
$775
$0
Points Credit/Charge (0.25% of the Loan Amount) Points and lender credits let you make tradeoffs in how you pay for your mortgage and closing costs. Points, also known as discount points, lower your interest rate in exchange paying for an upfront fee.
$350
$0
B. Services Borrower Did Not Shop For This is a list of required services that the lender chooses. It can include an appraisal fee, credit report fee, flood determination fee, tax monitoring fee and tax status research fee. Check to be sure that these fees match the fees listed on your Loan Estimate.
$20
$571
Appraisal Fee The appraisal fee is charged by the lender to the borrower as a service or closing cost. Companies pay appraisal costs as part of the quality control process to ensure that their products and services meet customer expectations and regulatory requirements. These costs could include expenses for field tests and inspections.
$0
$541
Credit Report Fee At some point in the mortgage process, your lender will check your credit. This fee covers their cost to obtain a copy of your credit reports and scores
$0
$30
Flood Certification A document that states the flood zone status of the property. Federal Emergency Management Agency (FEMA) flood maps are examined using the address or geographic coordinates of the property.
$20
$0
C. Services Borrower Did Shop For These are the third-party services that you might have bargain-hunted on your own. They could include a pest inspection, survey and any title-related services (including title insurance, settlement agent, and title search fees).
$NaN
$0
Home Inspection (pest, etc) Required by the lender to ensure that a house is free of any such issues.
$450
$0
Survey Fee A survey fee goes to the survey company that verifies and confirms your property lines before you close. The detailed assessment discloses the exact boundaries of the property, as well as things like gas lines, roads, walls, easements, encroachments, etc.
$325
$0
Title Search and Lenders Title Insurance Protects your lender against problems with the title to your property such as someone with a legal claim against the home in case the title is later found to be defective.
$NaN
$0
Postage/Courier Requirement for delivery of some documents such as tax documents, closing disclosure documents, etc.
$40
$0
Attorney, closing and settlement fees Legal fees are taken by an attorney for reviewing documents and agreements during the process of closing a home.
$NaN
$0
Miscellaneous required services The title company may charge fees for a title search, title examination, document preparation, notary fees, recording fees, and a settlement or closing fee.
$0
$0
D. TOTAL LOAN COSTS (Borrower Paid)
$NaN
$571
Loan Costs Subtotals (A + B + C)
$NaN
$571
Other Costs This category provides a comprehensive overview of the costs involved in getting your Taxes, fees, and prepaid costs as well as any other fees.
At Closing
Before Closing
E. Taxes & Other Government Fees This is a fee charged by your county associated with your house price.
$230
$0
Recording Fees Paid to the government to officially record the change of ownership of the home.
$230
$0
Transfer Tax Tax assessed on the transfer of the deed or title based on the home value.
$0
$0
F. Prepaids The upfront payments you make at closing for certain mortgage expenses before they're actually due.
$NaN
$0
Pre-paid Homeowner's Insurance Premium (12 months) Homeowner's insurance premium is the annual amount you pay to your insurance company to keep your policy active.
$NaN
$0
Up-front Mortgage Insurance Premium Up-Front Mortgage Insurance Premium ("UFMIP") - Required payment at the time of getting an FHA loan.
$0
$0
Prepaid Interest Charges for 15 days The amount of interest that will accrue on the mortgage between the settlement date and the beginning of the first full month of your mortgage.
$222.88
$0
G. Initial Escrow Payments at Closing An initial escrow deposit is an amount that you will pay at closing to start your escrow account if required by your lender.
$NaN
$0
Escrow Homeowner's Insurance (for 2 months) An amount of money destined to pay homeowner’s insurance held by a third party until the real estate transaction is complete. Homeowner’s insurance is an insurance policy that provides compensation for damage, loss or injury of property, belongings or people due to fire, theft, accidents, etc. for homeowners.
$NaN
$0
Escrow Property Taxes (for 3 months) An amount of money destined to pay property taxes held by a third party until the real estate transaction is complete. Property taxes are a government levy based on the market value (as assessed by a local tax assessor) of the property.
$NaN
$0
H. Other
$NaN
$0
Owner's Title Insurance Owner's title insurance provides protection to the homeowner if someone sues and says they have a claim against the home from before the homeowner purchased it
$NaN
$0
I. TOTAL OTHER COSTS (Borrower Paid)
$NaN
$0
Other Costs Subtotals (E + F + G + H)
$NaN
$0
J. TOTAL CLOSING COSTS (Borrower Paid)
$NaN
$571
Closing Costs Subtotals (D + I)
$NaN
$571
Bobby V sold his Chicago home and saved $26,097 with Houzeo. You can too!
Start Your Free Listing NowBuyer closing costs form an essential part of the home purchase process. Buyer closing costs are expenses that buyers incur when buying a house. These closing costs could seem to be complex considering there are a number of them.
Houzeo’s “Buyer Closing Cost Calculator” can help buyers get a good idea of how much they will have to spend as part of the closing costs.
A closing costs calculator for buyer helps calculate the approximate closing costs while buying a house.
It should be noted that a buyer closing costs calculator depends on multiple factors like the sale price, state/county in which the property is located, and down payment to determine the closing costs.
While the lender provides a Loan Estimate form to the buyer explaining the closing costs, many real estate websites have started incorporating the closing cost estimator to help the buyers get an approximate idea.
Buyers can match the closing costs against the Loan Estimate form to understand if there are any variations.
Note: A Loan Estimate form is mandatory to be provided to the buyer by the lender.
Also, a Closing Disclosure is provided to the buyer three days before the closing by the lender. This contains the final closing costs. Having a closing costs calculator by your side can help you identify and be apprised of unknown costs at a later stage.
Houzeo’s Closing Costs Calculator for South Dakota is tailor-made to cater to buyer needs. The calculator makes it easier for the buyers to calculate the closing costs. The calculator will give the buyers a good idea of what they would pay before and at the closing of the real estate transaction.
Does the buyer pay closing costs in South Dakota?
A buyer pays at least 2%-5% of the purchase price as a mortgage or refinancing closing cost. Most of this amount goes to the lender to cover various kinds of mortgage/refinance-related fees and expenses.
Houzeo’s buyer closing costs calculator estimates all the closing costs as far as buying a house in South Dakota is concerned.
The closing cost estimator for buyer provides close enough values when compared with actual closing costs. South Dakota region-specific data is pre-fed in the calculator to provide near actual results.
Note: The closing costs vary across the states in the US.
South Dakota’s buyer estimated closing costs include:
Just like seller closing costs, buyers too have to take care of home buying closing costs in South Dakota. A buyer’s estimated closing costs in South Dakota can be anywhere between 2%-5% of the purchase price. The closing costs when buying a house are composed of multiple costs similar to the seller closing costs.
A home buyer also receives a Closing Disclosure which is usually a 5-page document and consists of important aspects of the loan including the closing costs.
In this section, we will discuss a typical buyer’s estimated average closing costs in South Dakota during the real estate transaction. These closing costs are part of Houzeo’s home buyer closing cost calculator for South Dakota.
What is an origination fee?
The origination fee is the amount paid by the buyer to the lender for processing the mortgage/loan including any overhead expenses. The fee is also known as the Loan Origination Fee. The loan officer addresses this cost at the beginning of the loan application process and thus forms a part of the closing costs.
The origination fees also include the application fee and prepaid interest. This fee is generally split into:
How much are loan origination fees in South Dakota?
The loan origination fee typically ranges between 0.5%-1.5% of the loan amount. Though this may vary between states.
Is the origination fee tax deductible?
Yes, the loan origination fee is tax deductible.
Is the origination fee the same as the points?
If you are talking about discount points, then No! Discount points is the fee that can be paid to lower the interest rate and thus the monthly mortgage amount.
These are generally 0.25% of the loan amount. Points and lender credits can be traded off for mortgage and closing costs. The points here refer to the discount points which help lower the interest rate in exchange for paying an upfront fee.
Points are calculated as per the loan amount. Each point is equal to one percent of the loan amount. The more points you pay, the lower the interest rate will be.
What is the appraisal fee?
An Appraisal officer or manager does market research and evaluates the price of a specific property. The appraisal manager ensures that a correct price is offered by the seller and is as per the market value. The appraiser is usually hired by the lender and is given an appraisal fee.
The evaluation can help the buyer understand if he/she is paying the right amount for the property. In case of any discrepancies, the buyer can back out or go for re-negotiations with the seller.
As part of the appraisal process, the appraiser checks the property size, neighborhood, and features of the house to derive the right home value. The appraiser takes special care to identify similar properties in the area to derive the optimum home value.
When is the appraisal fee paid?
The appraisal fee is paid by the buyer before the closing process, specifically after the owner has accepted the offer.
How much is the appraisal fee in South Dakota?
The average appraisal cost in South Dakota ranges from $300-$600.
The bank/lender can ask for a credit report fee from the buyer to purchase the credit report of the buyer from one of the credit agencies. The credit report gives an overview/background of the buyer. It tells about the credit cards, loans, and if the buyer pays the bills timely.
A credit report fee should cost in the range of $25 to $75 in South Dakota.
The lenders often require buyers to buy flood insurance as a backup in case there is a flood risk in the area. The flood certification is thus an important document for the lender. The high flood risk areas are marked by the Federal Emergency Management Agency (FEMA).
FEMA provides an elevation certificate that determines the flood risk of the home and also helps in reducing flood insurance costs.
The flood certification costs around $15-$20 in South Dakota.
What is a home inspection?
Home inspection relates to a thorough check of the property to identify if there are any damages. These damages may include electric damages, bathroom damages, kitchen damages, appliance damages, etc. The home inspector defines the inspection checklist before he/she visits the property.
The lender usually hires a home inspector to check on the condition of the property. A buyer needs to pay for the inspection.
How much does a home inspection cost in South Dakota?
The home inspection fee in South Dakota, on average, can cost anywhere between $250 and $600.
A survey fee for buying a house is paid to the survey company. The buyer or lender hires a survey company to identify the boundaries and dimensions of the property. The company also provides the structure of the house and easements. Topographical details like drainage, gas lines, water line, etc can also be included in the survey report.
The average survey fee for buying a house in South Dakota is around $250-$500.
A lender’s title insurance and home title search are required to protect the lender and buyer in case there is a discrepancy in the ownership of the property.
There can be a dispute where someone can claim his/her right over the property. In such a case, a house title search comes into the picture and protects the owner (prospective buyer) from property disputes.
The title company usually takes care of the title of the property and has complete access to the ownership history.
The cost of a property title search in South Dakota typically ranges between $100-$500.
In case there is a flaw in the title that was not catered to by the title company, the title insurance will protect the buyer and the lender from any unwanted legalities, damages, harm, and dues.
The lender’s title insurance (for lender) fee and owners’ title insurance (for buyer) fee thus form an important part of the closing costs. The title fee is also known as the title settlement fee.
A real estate transaction requires a lot of paperwork. The lender may hire a courier to carry documents and deliver them to the buyer.
The postage and courier services may cost up to $40-$100 in South Dakota.
To handle the paperwork and legal matters in the real estate transaction, the buyer may need to hire an attorney. Though in many states an attorney is not required, buyers might still want to hire to tackle the legal issues and processes.
In some other states, an attorney acts as a closing or settlement agent which makes it mandatory for the buyers to deal with attorneys. In any case, working with an attorney is a good bet.
Real estate attorney fees for closing in South Dakota can be negotiated in the contract. On average, an attorney can cost you anything between $500-$1500 in South Dakota. Though, the fees of the real estate attorney depend on the state/county/city and the sale price.
There could be multiple services offered by the lender that don’t fall in any of the sections. These are tagged as miscellaneous required services under Houzeo’s closing costs calculator.
Also, a title company may charge fees for title search, examination, notary fees, recording fees, and much more. Any such miscellaneous closing costs can be found as part of the Miscellaneous Required Services bracket in the buyers closing cost calculator.
Note: The miscellaneous closing costs mentioned here are not related to the Realtor fees.
In simple terms, recording fees are the amount paid to the government to record the change of ownership of the home.
Recording fees in South Dakota are usually charged by the local authorities where the change of ownership happens. The recording fee closing cost fluctuates from one region to another. Recording implies documenting the deed/contract with the authorities and is paid during closing.
The following documents are required for the recording fee:
What is the transfer tax?
The real estate transfer tax is the tax levied when there is the transfer of property from one individual to another. It is a kind of transaction fee that is imposed by the state, county, or municipality. The transfer taxes are crucial in a real estate transaction but are dependent on the state. Some states levy transfer taxes while some do not.
Who pays transfer tax in South Dakota?
The seller usually pays the transfer tax in the state of South Dakota though this can be negotiated with the buyer.
How does the calculation of transfer tax happen in South Dakota?
The transfer taxes in South Dakota are either a defined percentage of the sale price or are calculated based on a defined amount. In South Dakota, the transfer tax stands at $0.5 per $500 of the purchase price. Houzeo’s closing cost calculator derives transfer tax in South Dakota based on pre-defined values.
What is homeowner’s insurance?
Homeowner’s insurance is the insurance that covers your house against any internal and external damages. The homeowners need to buy the policy for this which requires paying the insurance premium annually or at regular intervals to keep the policy active.
Pre-paid homeowner’s insurance premium allows the buyer to submit the premium in advance at the time of closing. The onus of insurance lies on the buyer who would be the new homeowner.
The lender often asks buyers to buy homeowner’s insurance for protection. The insurance covers the property in case of any damages by external sources, theft, or even during natural calamity.
The premium is based on the policy amount and can vary from a few hundred to thousands.
Is homeowners insurance tax deductible?
The homeowners insurance is generally not tax deductible.
Is homeowners insurance required in South Dakota?
You are not required to have homeowners insurance in South Dakota but it is required by banks in case of a mortgage.
Depending on the down payment, the lender may require you to pay mortgage insurance. The up-front mortgage insurance premium is a one-time fee that is paid to the lender when you close on a Federal Housing Administration (FHA) loan.
What is a mortgage insurance premium?
A mortgage insurance premium protects the lender in case the borrower is not able to pay back the loan amount.
How much is the mortgage insurance premium in South Dakota?
The upfront mortgage insurance premium is 1.75% of the loan amount and is part of Houzeo’s closing costs calculator. The premium may also be included as part of the monthly mortgage payments.
Note: Mortgage insurance premium falls under tax deduction.
Prepaid interest is what is paid before the scheduled debt repayment. This is paid by the buyer to the lender. The interim purchase interest charge is calculated from the day of the settlement to the beginning of the first mortgage payment.
Lenders require the buyers to place some amount in the escrow towards the homeowners insurance. This is to cover the costs in case the buyer is not able to pay for the insurance. A buyer may run into financial trouble or other issues due to which he/she may not be able to pay the costs. This is where homeowners insurance in escrow comes into the picture.
Similar criteria can also be applicable to property tax. Escrow Homeowner’s Insurance for 2 months requires the homeowner to deposit an insurance premium of up to 2 months in advance in the escrow.
Do I have to pay homeowners insurance through escrow?
Yes. The buyer requires to put 2 months of homeowner insurance amount in the escrow.
Government can place liens or foreclose on houses with unpaid property taxes. Lenders thus make sure that the borrowers take care of the property taxes. Tax liens have a priority over mortgage liens and thus the government can take over the property if the taxes are not paid.
Putting advance property taxes in the escrow gives lenders some leverage if the borrower is not able to pay them due to various reasons.
What is the owner’s title insurance?
The owner’s title insurance in South Dakota protects the buyer against title discrepancies once he/she owns the house. There could be scenarios where someone might file a case claiming the property to be his/her before the buyer purchased it. Or, a contractor may sue the homeowner for not paying the previous dues. In such cases, the buyer will get affected.
The title insurance for the owner can be purchased via a title insurance provider. Similarly, the lender’s insurance protects the lender in case any property dispute happens.
Houzeo Corp. holds real estate brokerage licenses in Alabama (License No. 000157023 - 0) and Texas (License No. 9013396)
TREC: Info About Brokerage Services, Consumer Protection Notice.
MAKING HOME BUYING AND SELLING EASY!
Copyright ©2025 Houzeo Corp. All rights reserved.