South Carolina Mortgage Calculator
Estimate your monthly mortgage payment in South Carolina based on the state median home price of $305K, a 0.57% property tax rate, and $3K/year homeowners insurance.
Why This Matters in South Carolina
In South Carolina, property taxes average 0.57% of assessed value. On the state median home of $305K, that adds $145/month to your mortgage payment — well below the national average, giving you more purchasing power. Combined with $217/month for homeowners insurance, your non-mortgage housing costs in South Carolina total $362/month before you even account for principal and interest.
South Carolina's median home price of $305K is in the moderate range nationally. Most conventional loan programs with 5-10% down are well-suited for this price range.
What to Expect for a Mortgage Payment in South Carolina
On the median South Carolina home priced at $305K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $1,735 per month. Add $145/mo in property taxes and $217/mo for homeowners insurance, and the total PITI comes to approximately $2,097 each month. That median price sits about 13% below the national median of roughly $350K, which directly shapes how much house most South Carolina borrowers can realistically target.
At $305K, South Carolina's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($61K) eliminates PMI and drops the monthly payment to roughly $1,904, saving about $193 per month compared to the 10%-down scenario.
South Carolina homeowners benefit from a notably low property tax rate of just 0.57%, translating to about $1,738 per year on the median home. That is just $145 per month — a fraction of what buyers pay in high-tax states like New Jersey or Illinois. This lower tax burden effectively makes South Carolina housing more affordable than the sticker price alone suggests.
Homeowners insurance in South Carolina averages around $3K per year, which adds $217 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the SC Housing Palmetto Home program, which offers up to $8,000 forgivable for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.