South Carolina Mortgage Calculator

South Carolina offers some of the most affordable home prices in the Southeast. Charleston and Greenville have seen significant price appreciation, while Columbia and smaller markets remain highly accessible for first-time buyers.

Major markets include Charleston, Columbia, Greenville, Myrtle Beach. Monthly P&I estimates at 7%, 30-year fixed with 20% down:

Assumes 20% down, 30-year fixed at 7%, P&I only. Add taxes and insurance for full payment.

South Carolina has one of the lowest property tax rates in the country at 0.57% average effective rate, significantly below the national average of 1.1%.

On a $290,000 home at 0.57%, that's roughly $138/month in property taxes, collected in escrow by your lender. At the national average of 1.1%, the same home would cost $266/month — a meaningful difference over the life of the loan.

The calculator above uses 0.57% as a starting point. Update it with your specific county rate for a more accurate estimate. Your lender will verify the exact rate during underwriting.

The calculator breaks your total monthly payment into four components:

• Principal & Interest — the base loan payment, calculated using the standard amortization formula.
• Property Tax — at South Carolina's 0.57% average, collected monthly in escrow by your lender.
• Home Insurance — estimated at $1,600/year ($133/month) for South Carolina. Your actual cost depends on location, coverage, and your insurer.
• PMI — required if your down payment is under 20%. Typically 0.5–1.5% of the loan per year, cancellable once you reach 20% equity.

Scroll below the payment summary to see the full amortization schedule — every monthly payment shown with principal, interest, and remaining balance.

South Carolina offers first-time homebuyer support through the SC Housing Home Advantage. This program typically provides:

• Competitive fixed-rate mortgage financing
• Down payment assistance for eligible buyers
• Available for FHA, VA, USDA, and conventional loans (varies by program)
• Income and purchase price limits apply

For current eligibility requirements, income limits, and participating lenders, visit schousing.com.

Use the calculator above to estimate your full monthly payment before applying. Knowing your number makes it easier to compare programs and evaluate affordability.

South Carolina's coastline — including Myrtle Beach, Hilton Head, the Sea Islands, and Charleston — runs through FEMA-designated Special Flood Hazard Areas (SFHAs). If your home is in a SFHA and you have a federally backed mortgage, flood insurance is required by law. Even outside SFHAs, many SC lenders require it for coastal properties.

Standard homeowner's insurance does not cover flooding. Flood insurance is a separate policy, typically through FEMA's National Flood Insurance Program (NFIP) or a private insurer. Annual premiums vary widely:

• Low-risk zones (Zone X): $400–$800/year — optional but worth having near the coast
• Moderate-risk zones (Zone AE): $1,000–$2,500/year — often required by lenders
• High-risk zones (Zone VE, coastal high-hazard): $2,500–$6,000+/year

The calculator above uses $1,600/year for homeowner's insurance — a reasonable estimate for inland SC. For coastal properties, add the flood insurance premium on top. Check the FEMA Flood Map Service Center to look up a specific property's flood zone.