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Mortgage Calculator in South Carolina

Calculate your monthly mortgage payment in South Carolina using the 2026 median home price of $295K and current local rates. Adjust the inputs below to match your situation.

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See how paying extra each month reduces interest and loan term

South Carolina Housing Market at a Glance (2026)

$295K
Median Home Price
6.83%
Avg Mortgage Rate
0.57%
Property Tax Rate
10%
Typical Down Payment

Buying a Home in South Carolina: Costs to Know

Average closing costs1.4% of purchase price
On a $295K home, closing costs ≈$4,130
Median household income$59,000/yr
State income tax (top rate)6.4%

First-Time Buyer Programs in South Carolina

South Carolina offers state-sponsored programs that can reduce your down payment or closing costs:

  • ✓SC Housing Conventional
  • ✓SC DPA Program

How Mortgage Payments Work in South Carolina

A standard mortgage payment in South Carolina is calculated using the amortization formula:M = P[r(1+r)^n] / [(1+r)^n - 1]

Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. On a $295K home in South Carolina with a 10% down payment at 6.83% over 30 years, your principal and interest payment comes to approximately $1,736/month— not including property taxes or homeowner's insurance.

South Carolina's property tax rate of 0.57% adds roughly $140/month to your total housing cost on a $295K home. This rate is below the national average of ~1.1%, which helps keep total housing costs lower.

South Carolina vs. National Average

MetricSouth CarolinaNational Avg
Median Home Price$295,000$420,000
Property Tax Rate0.57%1.07%
Avg Mortgage Rate6.83%6.85%
Cost of Living Index95100

Frequently Asked Questions — Mortgage Calculator in South Carolina

What is the average mortgage payment in South Carolina?+
Based on the median home price of $295K in South Carolina with a 10% down payment and 6.83% rate (30-year fixed), the estimated monthly principal and interest payment is approximately $1,736. Adding property taxes (~$140/mo) and homeowner's insurance, total PITI is typically $2,026–$2,126/month.
What is the property tax rate in South Carolina?+
South Carolina has an average effective property tax rate of 0.57%. On the median home price of $295K, that equals roughly $1,682 per year — or $140 added to your monthly mortgage payment. This is below the national average of ~1.1%, which helps lower total housing costs in South Carolina.
How much down payment do I need to buy a home in South Carolina?+
The typical down payment in South Carolina is 10% — about $29,500 on the median $295K home. Conventional loans require as little as 3% down; FHA loans allow 3.5%. First-time buyers may also qualify for assistance through programs like SC Housing Conventional.
What are closing costs in South Carolina?+
Average closing costs in South Carolina are approximately 1.4% of the purchase price — about $4,130 on the median $295K home. Closing costs include lender origination fees, title insurance, escrow, prepaid interest, and government recording fees.
What income do I need to afford the median home in South Carolina?+
To afford the $295K median home in South Carolina under the 28% housing-cost rule, you need a gross monthly income of at least $7,236 — roughly $87K/year. The median household income in South Carolina is $59,000.

Data Sources & Methodology

State data sourced from the National Association of Realtors (median home prices), Tax Foundation (property tax rates, income tax), Freddie Mac PMMS (mortgage rates), ATTOM Data Solutions (closing costs), and U.S. Census Bureau ACS (household income). Last updated 2026.

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