Monthly Payment on a $100K Mortgage in South Carolina
Using South Carolina's 0.57% property tax rate and $2,600/yr homeowners insurance.
$100K Mortgage in South Carolina: Rate Comparison
Monthly PITI payment using South Carolina's 0.57% property tax and $2,600/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $859 | $828 | $718 |
| 6.0% | $889 | $856 | $744 |
| 6.5% | $920 | $886 | $770 |
| 7.0% | $952 | $915 | $796 |
| 7.5% | $984 | $946 | $824 |
| 8.0% | $1,017 | $977 | $851 |
How This Compares to South Carolina's Median
A $100K home is 67% below South Carolina's median of $305K. This is well within reach in many South Carolina communities.
Income Needed for a $100K Home in South Carolina
To afford this payment of $886/mo in South Carolina, you'd need a household income of approximately $38K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $40K salary can afford →Closing Costs in South Carolina
Estimated closing costs in South Carolina: $1K (1.3% of purchase price). South Carolina also charges a 0.37% transfer tax, which may add $370 to your transaction costs.
What to Know About a $100K Mortgage in South Carolina
With 10% down ($10,000), your loan of $90,000 at 6.5% over 30 years produces a principal and interest payment of $569/mo. Adding South Carolina's 0.57% property tax ($47/mo) and $2,600/yr insurance ($217/mo) brings your total to $886/mo. Because you're putting less than 20% down, PMI adds $53/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $114,790 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $10,768 over the life of the loan.