Mortgage Calculator for South Carolina — Includes Property Tax & Insurance
In South Carolina, the median home costs $310,000, and property taxes there are among the lowest in the country at an average of 0.57% of assessed value — which adds roughly $147 to the monthly payment on a median-priced South Carolina home. Homeowners insurance in South Carolina averages $1,600 a year ($133/month), below the national average. Putting 20% down at South Carolina's typical 30-year fixed rate of 7.1%, your full PITI payment — principal, interest, taxes, and insurance — comes to about $1,947 per month. The calculator below is pre-filled with these South Carolina figures so you can adjust any input and see the impact instantly.
A buyer earning South Carolina's median household income of $63,000 would dedicate roughly 37% of gross monthly income to housing — significantly strained by the standard 28% guideline.
Median Home Price
$310,000
Avg 30-yr Rate
7.1%
Property Tax Rate
0.57%/yr
Est. Monthly PITI
$1,947
Mortgage Calculator
Total Monthly Payment
$1,947.22
Loan Amount
$248,000
Total Paid
$599,990
Total Interest
$351,990
How to Get a Mortgage in South Carolina
- 1 Check your credit score. In South Carolina, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $310,000 South Carolina home, 20% down is $62,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in South Carolina average 7.1%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $7,440–$12,400 on a median South Carolina purchase.
- 5 Budget for ongoing costs: South Carolina property taxes average 0.57%/yr ($1,767/yr on the median home), plus homeowner's insurance averaging $1,600/yr.
Monthly Cost Breakdown — Median South Carolina Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
South Carolina Mortgage FAQs
What is the average home price in South Carolina?
The median home price in South Carolina is $310,000 (2024 estimate). With a typical 20% down payment of $62,000, a buyer would finance $248,000 at a 30-year fixed rate.
What are property taxes like in South Carolina?
South Carolina has an average effective property tax rate of 0.57% of assessed home value. On a $310,000 home, that's approximately $1,767 per year ($147/month) — below the national average of 1.07%.
How much income do I need to buy a home in South Carolina?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced South Carolina home, you'd need to earn roughly $83,452 per year. The state's median household income is $63,000, meaning the typical household allocates about 37% of gross income to housing — significantly strained.
What is the average mortgage rate in South Carolina?
The average 30-year fixed mortgage rate in South Carolina is approximately 7.1% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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