Refinance Calculator in South Carolina
Should you refinance your South Carolina mortgage? The current average rate is 6.51% and closing costs average 1.4% of the loan balance (about $5,572 on a $398K home). Calculate your break-even point below. Formula shown, sources cited — no account required.
ℹIn South Carolina, refinancing closing costs average 1.4% — approximately $5,572 on the median home. Saving $200/month breaks even in 28 months (2.3 years).
When Does Refinancing Make Sense in South Carolina?
Refinancing in South Carolina involves paying closing costs of approximately 1.4% of your loan balance to obtain a lower interest rate. The general rule: if you can lower your rate by at least 0.75–1%, refinancing is worth exploring. With South Carolina's current average rate of 6.51%, the savings depend heavily on how far rates drop from your existing loan.
The break-even point is calculated by dividing total closing costs by monthly savings. For example, if refinancing saves you $200/month and costs $5,572, you break even in 28 months (2.3 years). If you plan to stay in yourSouth Carolina home longer than that, refinancing is likely beneficial.
Questions You Might Ask — Refinance Calculator in South Carolina
What is the average refinance rate in South Carolina?
The average 30-year fixed mortgage rate in South Carolina is currently approximately 6.51%. Refinance rates are typically 0.1–0.2% higher than purchase rates. Rates vary by credit score, loan-to-value ratio, and lender — shopping at least 3 lenders typically saves $1,000+ over the loan term.
What are refinance closing costs in South Carolina?
Average closing costs to refinance in South Carolina are approximately 1.4% of the loan balance. On an $318K loan (80% of the $398K median home price), that's roughly $4,458 in upfront costs. These include lender fees, title insurance, escrow, and prepaid interest.
When does refinancing make sense in South Carolina?
Refinancing makes sense when you can lower your rate by at least 0.5–1% and plan to stay in your South Carolina home long enough to break even. With 1.4% closing costs, saving $200/month means breaking even in 28 months (2.3 years). Saving $300/month breaks even in 19 months.
Can I do a cash-out refinance in South Carolina?
Yes, cash-out refinancing is available in South Carolina. Most lenders allow you to access up to 80% of your home's equity. With the median home price of $398K, a homeowner who has built equity over several years could access substantial cash for home improvements, debt consolidation, or other needs — while potentially lowering their rate.
How does South Carolina's property tax rate affect refinancing?
South Carolina's property tax rate of 0.57% means your escrow includes approximately $189/month in property taxes on the median home. This is part of your total PITI payment and factors into the break-even analysis — a lower interest payment saves money, but your total monthly obligation also includes taxes and insurance that don't change with a refinance.
Data Sources & Methodology
Mortgage rates from Freddie Mac PMMS. Closing cost estimates from ClosingCorp and CFPB national survey data. Median home prices from the National Association of Realtors (NAR). Property tax rates from ATTOM Data Solutions. Last updated 2026.