South Carolina Mortgage Calculator
Calculate your South Carolina mortgage payment with PMI, property tax, and closing costs.
Useful for home buyers in Columbia, Charleston, Greenville, Mount Pleasant, Rock Hill, and all of South Carolina.
Useful for home buyers in Columbia, Charleston, Greenville, Mount Pleasant, Rock Hill, and all of South Carolina.
Why use a South Carolina Mortgage Calculator?
South Carolina has specific property tax rates and deed recording fees. This calculator estimates your payment, PMI, property tax, and closing costs.
South Carolina has specific property tax rates and deed recording fees. This calculator estimates your payment, PMI, property tax, and closing costs.
Result
Enter your details to see the estimated payment here.
Related Calculators
South Carolina Property Tax: The average effective property tax rate is about 0.55%. Closing costs in South Carolina are typically 2-5% of the purchase price.
Average Home Prices in Major South Carolina Cities (2024)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Columbia | $230,000 | $200,000 | $180,000 | $160,000 |
| Charleston | $485,000 | $410,000 | $350,000 | $300,000 |
| Greenville | $325,000 | $285,000 | $250,000 | $220,000 |
| Mount Pleasant | $600,000 | $500,000 | $450,000 | $375,000 |
| Rock Hill | $280,000 | $250,000 | $225,000 | $200,000 |
Note: Prices are approximate averages for 2024 and may vary by neighborhood and property features.
How Mortgage Rules Work in South Carolina
- Property Tax: South Carolina's average effective property tax rate is about 0.55%. Property taxes are paid annually or quarterly.
- Deed Recording Fees: South Carolina charges deed recording fees of $1.85 per $500 of property value (0.37%), plus an additional 0.2% in many counties, for a total of about 0.57%.
- PMI (Private Mortgage Insurance): If your down payment is less than 20%, you must pay PMI, which is added to your monthly payment until you reach 20% equity.
- Closing Costs: South Carolina's closing costs include attorney fees, title insurance, and other expenses.
Example: On a $300,000 home with 10% down in Columbia, you pay PMI and property tax. Closing costs are typically 2-5% of the purchase price.
Frequently Asked Questions
South Carolina's average effective property tax rate is about 0.55% of the home's value, one of the lowest in the nation. Primary residences are taxed at a lower assessment ratio (4%) compared to second homes and investment properties (6%).
South Carolina charges deed recording fees of $1.85 per $500 of property value (0.37%), plus many counties charge an additional 0.2% local fee. These fees are typically split between buyers and sellers, though this can be negotiated in the purchase agreement.
Yes, the SC Housing Authority offers programs for first-time homebuyers, including down payment assistance, reduced interest rates, and mortgage tax credits. First-time buyers may qualify for up to $6,000 in forgivable down payment assistance through the SC Housing Homebuyer Program.