2024 South Carolina Mortgage Calculator

Updated: January 18, 2024

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South Carolina has an average monthly mortgage payment of $1,102, which is $57 lower than the national average. Several factors contribute to individual rates in the state, including the down payment amount, home cost, interest rates and tax rates.

Tax rates vary across states, and South Carolina has the sixth-cheapest rate in the country. At 0.57% of the property value, South Carolina’s annual property tax rate is equivalent to around $1,238. Depending on the type of loan you choose, you may also be required to pay a specific amount as a down payment for the loan. Our South Carolina mortgage calculator can help you secure a personalized estimate for your loan with the most favorable terms.

MoneyGeek guides you on using the calculator and outlines various ways to minimize your monthly mortgage premiums. We also provide you with the information you need while purchasing a home in the state. By comparing quotes across lenders, you can easily find the right loan for your needs.

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WHAT WE CAN HELP WITH

Start Here: Plug in Your Mortgage Factors

You can use the South Carolina state mortgage calculator to get a broad estimate of your monthly mortgage payment. The rates are determined using several factors. You can read more about them in the following sections.

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Updated: Sep 7, 2024

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30-Year Fixed

Optional: add taxes, insurance, HOA Fees

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Next Steps

Get personalized mortgage rates from South Carolina.

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Why and How to Use Our Mortgage Calculator

Apart from the monthly mortgage payment, you may also need to consider other costs associated with purchasing a home. These include property taxes and homeowners insurance. The South Carolina mortgage calculator allows you to add the necessary costs to your personalized estimate.

On average, the median home value in the state is $170,700, which is higher than the average mortgage amount by $10,641. You can determine the budget for your home using the MoneyGeek calculator, which outlines the following 12 factors. That way, it becomes easy to identify which expenses need to be reduced to ensure that you remain within your budget. You can specify the type of mortgage loan you wish to get, the monthly payment amount you can afford, the total cost of the loan and any other factor to obtain your quote. To keep your costs as predictable as possible, you may need a home warranty.

1
Home Price:

The maximum price of a home you are willing to buy. Specifying this amount enables you to get a quote within your budget.

2
Down Payment:

This is a percentage or amount in dollars that you are willing to pay the lender as your first payment. The calculator uses this amount to calculate your loan.

3
Interest Rate:

The interest rate can be obtained from individual mortgage lenders or MoneyGeek’s daily mortgage rates report.

4
Loan Terms:

The period within which you wish to pay your loan. Mortgage terms typically last for 15, 20 or 30 years.

5
Payments per Year:

Specify the number of payments you wish to make in a year. The number determines your payment plan. If you intend to make monthly payments, select 12 from the drop-down list.

6
Property Tax:

The calculator allows you to include other fees in your cost estimate. You may input South Carolina’s annual tax amount of $1,238 or provide the monthly tax information if you have it.

7
HOA Fees:

If you stay in a community where a homeowners association fee is mandatory, click on the “Annually” or “Monthly” options to provide the amount.

8
Principal & Interest:

The principal refers to the loan amount received from the lender. Interest is the amount you compensate the lender for giving you a loan.

9
Monthly Payment:

The total monthly payment includes the principal and interest used to repay your loan every month. The total also comprises other costs like insurance, HOA fees and property tax.

10
Principal Payment:

The principal payment is the amount of your monthly mortgage payment used to reduce your loan amount. In most cases, the payment goes towards the interest.

11
Interest Payment:

Interest payment is the amount of your monthly mortgage payment used to settle interest charges. This amount reduces as your loan amount goes down.

12
Total Cost with Interest:

This comprises the repayment amount for the principal balance plus the interest charged by the lender.

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WHAT YOU CAN DO TO LOWER YOUR MONTHLY PAYMENT

While using the South Carolina state mortgage calculator, you may notice that mortgage loans may be considerably expensive to repay depending on factors like your location, home value and loan term. To lower your rates, consider the following tips:

  • Less expensive house. If you wish to pay less each month for a mortgage, you may need to consider buying a cheaper home.
  • Different location. South Carolina is the sixth-cheapest among the 50 states in property and real estate tax. The annual property tax bill is $1,238 per year on average. If you need a place with cheaper tax rates, you may consider purchasing a home in Hawaii, Alabama and other states that rank better.
  • Find a lower interest rate. Making a large down payment to your lender can reduce your subsequent payments significantly.
  • Extend your loan terms. Extending the duration of your loan will help lower your monthly mortgage payments. However, you may end up paying higher interest rates.

Next Steps: What to Do After You Have Estimated Your Mortgage Payments

If you do not have adequate information about mortgage loans in South Carolina, you may find it challenging to identify the right option for your needs. This guide can help you identify a mortgage type with the right repayment terms for your situation. In case you do not know where to start, here are some helpful guidelines from MoneyGeek:

  1. Shop & Compare Rates - You can secure the best mortgage loan by comparing costs from different lenders. The South Carolina state mortgage rate page has more details.
  2. Not Ready to Buy? - If you are not sure whether to rent or buy property in South Carolina, you can use MoneyGeek’s guide to determine the best decision based on your needs and budget.
  3. Learn More - If you are unsure about the best mortgage loan in South Carolina, you may compare the various options available in the state, including VA loans and FHA loans and reverse mortgages.

Frequently Asked Questions About Mortgages in South Carolina

How much mortgage can I afford in South Carolina?

The affordability rate of mortgage loans in South Carolina depends on several factors. Most lenders use the debt-to-income ratio or DTI to determine your ideal loan amount. The recommended DTI percentage is 43% or below.

What is the average mortgage in South Carolina?

In South Carolina, the average outstanding mortgage amount was $160,059 in 2020.

Do I have enough cash for a down payment for a mortgage in South Carolina?

You may need to pay a down payment of as low as 3% on some mortgage loans in South Carolina. FHA loans require 3.5%, while conventional loans from Freddie Mac or Fannie Mae require 3%. Some government-supported programs like USDA may not need any down payment, although we recommend paying at least 20% if you can.

Do you really need private mortgage insurance in South Carolina?

Conventional or non-government loans with low down-payment amounts may require you to purchase private mortgage insurance. Typically, you will need private mortgage insurance in South Carolina if you pay less than a 20% down payment and if you are refinancing and your equity is less than the value of the property by 20%.

What are the average annual property taxes in South Carolina?

In South Carolina, the average annual property tax is $1,238, which is the sixth-lowest tax rate in the United States.

What is the average monthly mortgage payment in South Carolina?

The average mortgage payment amount in South Carolina is $1,102 per month. That’s $57 lower than the national average.

What is the median home price in South Carolina?

The median price for a home in South Carolina is $170,700.

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