Mortgage Refinance for South Carolina (2026)
South Carolina (SC) Key Facts
Average Refinance Closing Costs
$4,350
Break Even Period ( Months)
19
Typical Current Balance
$217,500
Current Average Rate
7.25%
New Average Rate
6.25%
How This Calculator Works in South Carolina
This mortgage refinance calculator helps you determine whether refinancing your South Carolina home loan makes financial sense. Enter your current loan balance, interest rate, and the new rate you have been offered to see your monthly savings, total interest savings, and break-even timeline. It is pre-loaded with South Carolina-specific closing cost estimates to give you an accurate picture.
South Carolina Overview
Refinancing a mortgage in South Carolina can lower your monthly payment, reduce total interest, or let you access home equity. Typical refinance closing costs run 2-5% of the loan balance. South Carolina requires an attorney at the closing. South Carolina homeowners who itemize can deduct mortgage interest on both state and federal returns, which may offset some refinancing costs.
How South Carolina Compares
Refinance costs in South Carolina are broadly similar to nearby states, with closing costs averaging about 2% of the loan balance. In North Carolina, a typical refinance balance is $243,750 with costs of about $4,875. The primary difference between states is the loan amount (driven by home values), which directly affects the dollar amount of closing costs and monthly savings.
| State | Top Rate | Notes |
|---|---|---|
| North Carolina | $4,875 | Typical refinance balance of $243,750 with closing costs of approximately $4,875. Median home price is $325,000. |
| Georgia | $4,800 | Typical refinance balance of $240,000 with closing costs of approximately $4,800. Median home price is $320,000. |
| Tennessee | $4,650 | Typical refinance balance of $232,500 with closing costs of approximately $4,650. Median home price is $310,000. |
In South Carolina, a typical refinance involves a balance of about $217,500 (based on the median home price of $290,000 at 75% LTV). Refinance closing costs average approximately $4,350, or about 2% of the loan balance. At current rates, refinancing from 7.25% to 6.25% could save approximately $233 per month, with a break-even period of about 19 months.
Tips for South Carolina Residents
- 1Before refinancing in South Carolina, calculate your break-even point: divide total refinancing costs by your monthly savings. If you plan to stay in the home longer than the break-even period, refinancing likely makes sense.
- 2Closing costs on a refinance in South Carolina typically run 2-5% of the loan balance. On a $232,000 loan, that is $4,640-$11,600. Some lenders offer no-closing-cost refinances that roll fees into the rate.
- 3South Carolina homeowners who itemize can deduct mortgage interest on both state and federal returns, which may offset some refinancing costs.
- 4South Carolina requires an attorney for refinance closings, which adds to costs but provides legal review of the new mortgage terms and title work.
- 5Compare at least three lender offers in South Carolina. Even a 0.125% rate difference on a $232,000 loan saves roughly $8,700 over 30 years.