South Carolina Mortgage Calculator

In South Carolina, Allendale County has the lowest median monthly mortgage payment at $460, compared to Charleston County's highest at $3,590. This difference in monthly mortgage payments can impact your immediate budget and long-term financial health, affecting your ability to save and invest for the future.

Using MoneyGeek's mortgage calculator in South Carolina allows you to estimate your monthly mortgage payment, determine which loan term suits your financial situation better, and see how much interest you pay over your loan's lifetime. Input your purchase details into the calculator to clearly see your financial commitment.

Mortgage Calculator

Simply estimate your South Carolina loan payments, taxes and PMI.

Updated: Sep 4, 2024

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30-Year Fixed

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PMI

HOA fees

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Get personalized mortgage rates from South Carolina.

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Key Takeaways

South Carolina counties with the lowest and highest monthly mortgage payments are Allendale County at $460 and Charleston County at $3,590 as of March 2024.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget and estimate total interest over the loan's life.

The average APR for a 30-year mortgage in South Carolina is 6.4%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for South Carolina. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our South Carolina Mortgage Calculator

MoneyGeek's mortgage calculator in South Carolina can calculate your monthly mortgage payments, determine your mortgage's affordability, and provide an understanding of your amortization schedule. This tool offers clear insights into your financial commitments, helping you plan effectively.

Calculate Your Monthly Mortgage Payment

Understanding your monthly mortgage payment involves several factors, including the home's sale price and the down payment you make. Let's dive into how to use South Carolina's mortgage calculator for precise payment estimations.

1
Home Price
The home price directly influences your monthly mortgage payment in South Carolina. A lower home price in Allendale County, at a median of $78,400, means lower monthly payments than in Charleston County, where the median is $614,910, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. South Carolina's median down payment is $52,500, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your Annual Percentage Rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in South Carolina change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.4%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN SOUTH CAROLINA

Using the mortgage calculator in Florida, you can see that the monthly payment for a 30-year fixed rate mortgage on a $275,000 house with a 20% down payment is $1,376. This figure is based on an average APR of 6.4% and does not include additional costs such as HOA fees and property tax.

Opting for a 15-year repayment term raises your monthly mortgage payment to $1,845 in South Carolina, impacting your budget in the near term. This home loan choice, while increasing your monthly outlay, will save you approximately $163,369 in interest over the duration of the loan.

Determine Your Mortgage's Affordability

Buying a home is one of the most substantial expenses you'll face, with mortgage payments taking a large slice of your monthly income. Understanding how affordable your mortgage is can shape your financial health. MoneyGeek's mortgage calculator for affordability helps you see this clearly by letting you input your monthly income and other debts, such as car loans and student loans.

The calculator also reveals your debt-to-income ratio, a metric that shows how much of your income goes toward debt. This is vital for anyone planning to secure a mortgage. According to Experian, the average debt in South Carolina is $93,167, translating to an average monthly debt of $7,764.

See Your Amortization Schedule

Mortgage amortization is the process of paying off a loan over time through regular payments.

Key terms:

Principal: The loan amount you borrow. Understanding this helps you see how much you owe.
Interest: The cost of borrowing the principal. Knowing this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in South Carolina. You can also see when your monthly payments begin to go more toward your principal versus your interest, which helps you understand your payment allocation over time.

Additional Mortgage Fees in South Carolina

When calculating your monthly mortgage payments in South Carolina, consider other mortgage fees that could impact your budget effectively. For example, mortgage insurance and HOA fees can increase your monthly total. Property taxes and homeowners insurance are additional costs home buyers should keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in South Carolina is $2,708 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, South Carolina's effective property tax rate is 0.57%, ranking it 45th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance, and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in South Carolina?

The average APR for a 30-year fixed loan in South Carolina is 6.4%. For a 15-year fixed loan, it's 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed rate loan. The amount becomes $115 if they opt for a 15-year loan instead. MoneyGeek's South Carolina mortgage calculator allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment, and mortgage rate in South Carolina. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes towards the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the third tab of the mortgage calculator. Move the slider until the 'Principal Paid' exceeds your remaining equity required — that'll be the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

You put in an 8% down payment for a home in South Carolina priced at $350,000. With an average APR of 6.4% for a 30-year fixed-rate loan, your monthly mortgage payment is $2,014.

20% of $350,000 is $70,000 — that's how much you need in total to request your PMI's cancellation. Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI before the end of Year 10.

How to Lower Your Monthly Mortgage Payment in South Carolina

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in South Carolina at 6.4% interest, you'll pay $1,376 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,340. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,892 in total interest.

Improve your credit score

Your credit score affects your mortgage. In South Carolina, a down payment between 5% to 20% of the home's sale price results in an average APR of 7.0% if your credit score is above 740. If your credit score is below 680, the average APR increases to 8.0%. This APR change makes your monthly mortgage payments go from $1,464 to $1,614.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in South Carolina, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.7% and a monthly mortgage of $1,331.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed rate mortgage in South Carolina has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,376, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.4%.

Explore homeownership assistance programs

You can find homeowners assistance programs in South Carolina that may help with your mortgage costs. Institutions like the South Carolina State Housing Finance and Development Authority offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in South Carolina

Using a mortgage calculator can raise questions for potential borrowers, especially in South Carolina's housing market. We've addressed commonly asked questions to help you understand your mortgage options better.

How much mortgage can I afford in South Carolina?

Your mortgage affordability in South Carolina depends on your debt-to-income ratio (DTI). Generally, lenders prefer a DTI ratio below 36%.

What is the average mortgage debt in South Carolina?

The average mortgage debt in South Carolina is $198,844 (2023, Experian).

How much down payment do I need to purchase a house in South Carolina?

Ideally, a 20% down payment is recommended. However, conventional loans typically require 5% to 20%, FHA loans require 3.5%, and VA loans and USDA loans often don't require any down payment.

Do you really need private mortgage insurance in South Carolina?

In South Carolina, PMI costs around $115 for a 15-year mortgage and $117 for a 30-year mortgage. PMI is usually required if your down payment is less than 20%.

What's the effective tax rate in South Carolina?

The effective property tax rate in South Carolina is 0.57%, ranking 45th nationally.

What is the median home price in South Carolina?

The median home price in South Carolina varies by county. Allendale County has the lowest median home price at $78,400, while Charleston County has the highest at $614,910.

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