Monthly Payment on a $150K Mortgage in South Carolina
Using South Carolina's 0.57% property tax rate and $2,600/yr homeowners insurance.
$150K 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% | $1,180 | $1,133 | $969 |
| 6.0% | $1,225 | $1,176 | $1,007 |
| 6.5% | $1,272 | $1,220 | $1,046 |
| 7.0% | $1,319 | $1,265 | $1,086 |
| 7.5% | $1,367 | $1,311 | $1,127 |
| 8.0% | $1,417 | $1,357 | $1,168 |
How This Compares to South Carolina's Median
A $150K home is 51% below South Carolina's median of $305K. This is well within reach in many South Carolina communities.
Income Needed for a $150K Home in South Carolina
To afford this payment of $1,220/mo in South Carolina, you'd need a household income of approximately $52K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $50K salary can afford →Closing Costs in South Carolina
Estimated closing costs in South Carolina: $2K (1.3% of purchase price). South Carolina also charges a 0.37% transfer tax, which may add $555 to your transaction costs.
What to Know About a $150K Mortgage in South Carolina
With 10% down ($15,000), your loan of $135,000 at 6.5% over 30 years produces a principal and interest payment of $853/mo. Adding South Carolina's 0.57% property tax ($71/mo) and $2,600/yr insurance ($217/mo) brings your total to $1,220/mo. Because you're putting less than 20% down, PMI adds $79/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $172,185 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $16,152 over the life of the loan.