Monthly Payment on a $350K Mortgage in South Carolina
Using South Carolina's 0.57% property tax rate and $2,600/yr homeowners insurance.
$350K 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% | $2,465 | $2,355 | $1,973 |
| 6.0% | $2,570 | $2,455 | $2,062 |
| 6.5% | $2,679 | $2,558 | $2,153 |
| 7.0% | $2,789 | $2,662 | $2,246 |
| 7.5% | $2,902 | $2,769 | $2,341 |
| 8.0% | $3,017 | $2,878 | $2,437 |
How This Compares to South Carolina's Median
A $350K home is 15% above South Carolina's median of $305K. This puts you in the upper range of the South Carolina market, targeting more desirable neighborhoods or larger properties.
Income Needed for a $350K Home in South Carolina
To afford this payment of $2,558/mo in South Carolina, you'd need a household income of approximately $110K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $110K salary can afford →Closing Costs in South Carolina
Estimated closing costs in South Carolina: $5K (1.3% of purchase price). South Carolina also charges a 0.37% transfer tax, which may add $1,295 to your transaction costs.
What to Know About a $350K Mortgage in South Carolina
With 10% down ($35,000), your loan of $315,000 at 6.5% over 30 years produces a principal and interest payment of $1,991/mo. Adding South Carolina's 0.57% property tax ($166/mo) and $2,600/yr insurance ($217/mo) brings your total to $2,558/mo. Because you're putting less than 20% down, PMI adds $184/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $401,765 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $37,688 over the life of the loan.