Mortgage for South Carolina (2026)
South Carolina (SC) Key Facts
Median Home Price
$290,000
Average Property Tax Rate
0.57%
Average Home Insurance Rate
0.7%
Estimated Monthly Payment
$2,000
First Time Buyer Programs
2
How This Calculator Works in South Carolina
This mortgage calculator lets you estimate your monthly payment on a South Carolina home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with South Carolina's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
South Carolina Overview
South Carolina has a median home price of approximately $280K, with an average property tax rate of 0.57% and homeowners insurance averaging 0.7% annually. Low 4% assessment ratio for primary residences. SC Housing Homebuyer Program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates, and an attorney is required at closing for legal oversight.
How South Carolina Compares
Compared to neighboring states, South Carolina's median home price of $290,000 is below the national median of about $420,000. Nearby North Carolina has a median price of $325,000 with a 0.84% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| North Carolina | $325,000 | Median home price is $325,000 with a 0.84% property tax rate. Estimated monthly mortgage payment is about $2,287. |
| Georgia | $320,000 | Median home price is $320,000 with a 0.92% property tax rate. Estimated monthly mortgage payment is about $2,287. |
| Tennessee | $310,000 | Median home price is $310,000 with a 0.71% property tax rate. Estimated monthly mortgage payment is about $2,174. |
The median home price in South Carolina is $290,000, compared to the national median of approximately $420,000. With a 0.57% average property tax rate and 0.7% insurance rate, South Carolina homeowners can expect an estimated monthly payment of about $2,000 on a median-priced home with 10% down at 6.75% interest.
Tips for South Carolina Residents
- 1South Carolina has a median home price around $280K. Low 4% assessment ratio for primary residences. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in South Carolina average 0.57%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore SC Housing Homebuyer Program for potential down payment assistance and favorable rates. South Carolina also offers SC Housing Palmetto Heroes. Check income limits and eligibility early in your home search.
- 4Attorney required at closing; low assessment ratio keeps effective property tax manageable. South Carolina requires an attorney at closing, which adds cost but provides legal protection during the transaction.
- 5Deed recording fee at closing. A 0.25% rate difference on a $290K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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