South Carolina's diverse real estate market offers opportunities from the booming Charleston coast to the affordable Upstate region. Our mortgage calculator helps you compare costs across different markets and loan programs, taking into account the state's unique property tax assessment and insurance requirements.
Calculate Your South Carolina Mortgage Payment
Enter the home price, down payment, and interest rate to see your estimated monthly payment including principal, interest, taxes, and insurance.
Calculator Tips for South Carolina Homebuyers
Get the most out of your mortgage calculation with these expert tips.
Compare Loan Terms
Try 15-year vs 30-year terms to find the right balance of payment size and total interest paid over the life of your loan.
Down Payment Impact
Increasing your down payment by even 5% can significantly reduce your monthly payment and help you avoid paying PMI altogether.
Include All Costs
Remember to budget for property taxes, homeowners insurance, and potential HOA fees when estimating your true monthly housing cost.
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Your Path to a South Carolina Mortgage
From calculator to closing — here is how it works.
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Understanding South Carolina's Mortgage Landscape
South Carolina's real estate market has seen significant growth, driven by its strong economy, beautiful coastlines, and affordable living. The median home price is around $280,000, though prices vary widely between coastal and inland areas.
- Charleston County has seen median prices rise to $340,000
- Greenville and Spartanburg remain competitive at $260,000-$300,000
- Smaller markets like Rock Hill and Sumter offer medians under $200,000
Note that coastal properties require additional insurance coverage
Property Taxes in South Carolina
One of South Carolina's most attractive features for homeowners is its low property tax assessment ratio. Owner-occupied homes are assessed at just 4% of fair market value, significantly reducing the taxable value.
For example, on a $300,000 home:
- Assessed value: $12,000 (4% of $300,000)
- Average annual property taxes: approximately $1,680
This results in an effective property tax rate of about 0.56%, one of the lowest in the country.
Seniors (65+) receive additional exemptions on school operating taxes
Insurance Considerations for South Carolina Homeowners
While property taxes are low, insurance costs can vary significantly across the state.
- Inland areas like Greenville have average homeowner's insurance rates
- Coastal regions require additional wind and flood coverage, increasing premiums
- Charleston, Myrtle Beach, and Hilton Head properties can see insurance costs of $4,000-$8,000+ per year
Be sure to factor these costs into your mortgage calculations, especially for coastal properties.
Insurance costs can significantly impact your total housing costs
Using Our Mortgage Calculator for South Carolina Homes
Our mortgage calculator is designed to help you understand the true cost of homeownership in South Carolina. By factoring in the state's unique property tax assessment, insurance requirements, and various loan programs, you can make informed decisions about your home purchase.
Whether you're a first-time buyer looking into SC Housing programs or a veteran exploring VA loan options, our calculator provides the insights you need to navigate South Carolina's diverse real estate market.
Try different scenarios to see how down payment, loan term, and interest rates affect your monthly payment
South Carolina Mortgage Calculator FAQs
The current median home price in South Carolina is around $280,000, though it varies significantly between coastal and inland markets.
South Carolina assesses owner-occupied homes at 4% of fair market value. For example, a $300,000 home has a taxable value of $12,000, resulting in approximately $1,680 annual property taxes at average millage rates.
Yes, SC Housing offers programs like Palmetto Home Advantage with down payment assistance up to $8,000 and Mortgage Tax Credit Certificates providing up to $2,000 annual tax credits.
South Carolina follows the baseline conforming loan limits set by the FHFA. For 2023, the limit is $726,525 for most counties, though some high-cost areas like Charleston County have higher limits.
USDA loans are available for homes in rural areas as defined by the USDA. Many parts of South Carolina qualify, particularly in the Midlands and Pee Dee regions.
South Carolina Mortgage Resources
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