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Mortgage Calculator /With Taxes and PMI /South Carolina

South Carolina Mortgage Calculator

Set to South Carolina’s own property tax rate of 0.45% and its median home price, so the payment below reflects what owning here actually costs — not a national average.

$
% ($60,000)
years
%
$/year
$/year
$/month
%
$/month
Amortization schedule
$1,730
Monthly payment
$1,530
Principal & interest
$113
Taxes
$88
Insurance
$0
HOA fees

Loan balance over time

Balance Principal paid $240,000 Interest paid $310,660
20262056
Total of 360 payments$622,660
Principal$240,000
Interest$310,660
Taxes$40,500
Insurance$31,500
HOA fees$0
P&I 88.4% Taxes 6.5% Insurance 5.1%
15- vs 30-year term at 6.58%
15-year
$2,101/mo P&I
$138,221 total interest
30-year · current
$1,530/mo P&I
$310,660 total interest
The 15-year term saves $172,439 in interest. Which term is right for you?

What these numbers come from

Median home value
$299,500
Median tax bill
$1,337
Effective tax rate
0.45%
Rank of 51
46th highest

South Carolina taxes property at about 0.45% of value against 0.89% nationally. On a $300,000 home that is $110 a month less than the same house would cost in taxes at the national rate. Rates are set by counties, cities and school districts, so your own bill will differ from the state median — put your actual figure in the property tax field and the payment updates.

Tax and home value figures: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Insurance is estimated at 0.35% of home value per year — there is no comparable public per-state dataset, so treat it as a placeholder and replace it with your own quote. The interest rate is the national Freddie Mac 30-year average of 6.58%; this site does not publish state-level rate quotes.

Monthly cost across South Carolina home prices

20% down, 30-year fixed at 6.58%, with South Carolina property tax of 0.45% and estimated insurance.

Home price Loan P&I Tax/mo Full payment
$180,000 $144,000 $918 $68 $1,038
$240,000 $192,000 $1,224 $90 $1,384
$300,000 median $240,000 $1,530 $113 $1,730
$374,000 $299,200 $1,907 $140 $2,156
$449,000 $359,200 $2,289 $168 $2,589

The gap between the P&I column and the last one is what a mortgage quote leaves out. In South Carolina taxes alone add $113 a month on a median-priced home.

Amortization schedule

Date Principal Interest Tax, Ins. & HOA Balance
Aug $214 $1,316 $200 $239,786
Sep $215 $1,315 $200 $239,572
Oct $216 $1,314 $200 $239,356
Nov $217 $1,312 $200 $239,138
Dec $218 $1,311 $200 $238,920
2026 $1,080 $6,568 $1,000 $238,920
Jan $220 $1,310 $200 $238,701
Feb $221 $1,309 $200 $238,480
Mar $222 $1,308 $200 $238,258
Apr $223 $1,306 $200 $238,035
May $224 $1,305 $200 $237,810
Jun $226 $1,304 $200 $237,585

Refinancing in South Carolina

The arithmetic is the same everywhere: refinancing pays off when the monthly saving clears the closing costs before you sell or refinance again. What differs by state is the cost of getting there — recording fees, transfer and mortgage taxes, and whether an existing tax assessment survives the new loan.

Work the break-even with the refinance calculator, or check this week’s national average rates.

South Carolina home loans in detail

South Carolina Mortgage Overview

There is so much to love about living in South Carolina. Its incredible beaches, beautiful sunsets, and gorgeous houses are just a few reasons. Many people love the low cost of living too. The median home price is around $400,000, just below the national average — not bad for such a gorgeous state.

If you're thinking of moving to South Carolina, here are your loan options.

South Carolina conventional loans

With a 660 credit score or higher you can get a conventional loan. First-time homebuyers need just 3 percent down and subsequent homebuyers need 5 percent down. You need a debt ratio of around 36 percent. If you have compensating factors, some lenders may allow higher ratios.

South Carolina FHA loans

FHA loans are for those who don't qualify for conventional loans. Borrowers need a 580 credit score and 3.5 percent down. If you have a 500 - 579 credit score and 10 percent down, you may still qualify. Down payment assistance funds and gift funds are allowed. FHA loans require mortgage insurance for the life of the loan.

South Carolina VA loans

Veterans don't need a down payment. All you need is a 620 credit score proof you can afford the loan, your current debts, and the cost of living. You can get by with a high debt ratio and VA loans don't have mortgage insurance. They do have an upfront funding fee, but it's affordable.

South Carolina USDA loans

If you make less than 115 percent of the area's median income, consider a USDA loan. This is the alternate for any other loan program. You can't qualify for any other financing. You need a 640 credit score but don't need a down payment. USDA loans have affordable rates and mortgage insurance costs.

First-Time Homebuyer

Programs in South Carolina

SC Housing Homeownership

This program is for low-income families who can't qualify for any other program, but can afford a loan payment. It has low interest rates and costs to make homeownership a possibility for more people.

SC Housing Forgivable Down Payment Assistance

Eligible borrowers can get up to $6,000 in down payment assistance with a 10 or 20-year term. The term depends on your income. If you stay in the home for the term, it's forgiven and you owe nothing.

SC Mortgage Tax Credit Program

Eligible borrowers can receive an annual tax credit of up to $2,000 per year. You write off some of the mortgage interest you pay each year which makes it easier to afford your home.

Palmetto HEROES Program

Any essential workers or public servicers may be eligible for this program which provides a fixed 3.5 percent interest rate and up to $10,000 in forgivable down payment or closing cost assistance. Teachers, police officers, firefighters, grocery store workers, and package delivery drivers are among the eligible professions.

South Carolina mortgage FAQ

How much is property tax on a home in South Carolina?
South Carolina homeowners pay an effective property tax rate of about 0.45 percent of home value — the 46th highest of the 50 states and DC. On the state's median home value of $299,500 that works out to roughly $1,350 a year, or $113 a month added to the mortgage payment. The figures come from the Census Bureau's American Community Survey 2024 1-year estimates; your own bill depends on the county and city rates where the home sits.
What is the monthly payment on a median-priced South Carolina home?
At $300,000 with 20 percent down and the current 6.58 percent national 30-year fixed average, principal and interest come to about $1,530 a month. Adding South Carolina property tax of roughly $113 a month and an estimated $88 of homeowner insurance brings the full payment to around $1,730.
What home loan options exist in South Carolina?
South Carolina buyers can use conventional loans with a 660 credit score and 3 to 5 percent down, FHA loans with a 580 score and 3.5 percent down (or 500-579 with 10 percent down), VA loans with no down payment for veterans with a 620 score, and USDA loans, which require a 640 score but no down payment for those earning under 115 percent of the area median income.
What programs help first-time buyers in South Carolina?
SC Housing runs several programs: the Homeownership program with low rates for lower-income families, Forgivable Down Payment Assistance that is erased if you stay in the home for its 10 or 20-year term, a Mortgage Tax Credit Program offering an annual tax credit on mortgage interest, and the Palmetto HEROES Program, which gives essential workers a fixed rate plus forgivable down payment or closing cost help.
Can you buy a house in South Carolina with no down payment?
Yes, two paths skip the down payment entirely. VA loans give veterans 100 percent financing with a 620 credit score, and USDA loans require nothing down for buyers with a 640 score earning less than 115 percent of the area median income. Other buyers can combine the FHA loan's 3.5 percent minimum with SC Housing's forgivable down payment assistance.

Property tax in every state

Effective rate on owner-occupied value, highest bills first in each column.