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If you’re considering purchasing a higher-priced property in South Carolina, a jumbo loan could be a good fit. Our South Carolina jumbo loan calculator is a valuable tool to help you estimate your potential monthly payment and total costs. Use this guide to learn about jumbo loans and make an informed decision about your future home in South Carolina.
Key Points
• A jumbo loan is required for large amounts that exceed the conforming loan limit, which is $806,500 throughout South Carolina.
• To qualify for a jumbo loan, you will need to make a significant down payment (at least 10%) and have substantial cash reserves.
• Our jumbo loan calculator can help you estimate monthly payments, total interest, and the overall costs of a jumbo mortgage.
• The South Carolina jumbo mortgage calculator includes property tax, but not homeowners insurance or HOA fees.
South Carolina Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in 2025 for a single-family home in South Carolina is $806,500.
• Home price: The home price is the purchase price you’ve agreed upon with the home seller. It affects your estimated monthly mortgage payment, total interest paid, and overall loan cost.
• Down payment: The down payment is the initial amount paid upfront. Jumbo loan requirements can be more strict, and you’ll typically need to put down at least 10% of the home price for this type of mortgage loan.
• Loan term: The loan term is the time period to repay the mortgage (typically 30 or 15 years). Terms of 10 or 20 years are also available. A longer term lowers monthly payments but increases total interest paid; a shorter term saves on interest but increases monthly payments.
• Interest rate: Interest, expressed as a percentage of the loan amount, is the cost of borrowing.
• Annual property tax: Local governments charge tax on land and buildings. This property tax is typically a percentage of the property’s assessed value, which may differ from its market value.
How to Use the South Carolina Jumbo Loan Calculator
To get the most out of your South Carolina jumbo loan calculator, follow these steps:
Step 1: Enter Your Home Price
Type in the home price listed on your contract.
Step 2: Enter Your Down Payment Amount
Next, enter how much you will pay for a down payment. A jumbo loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Enter your anticipated interest rate, to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Lastly, enter your annual property tax rate as a percentage. South Carolina’s average rate is 0.53%.
What Are Jumbo Loans and Conforming Loan Limits?
If you’re contemplating buying a high-priced home, you will want to figure out what a jumbo loan is. It’s a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in 2025 for a single-family home in South Carolina is $806,500. For a loan amount above this limit, you will need to seek a jumbo loan.
As you compare jumbo loans vs. conventional loans, you will see that jumbo loans often have more strict qualification criteria. In general, a borrower needs a higher credit score (700+) and significant cash reserves to qualify.
Jumbo loan requirements also typically say a down payment of 10% is required, although some lenders look for 20%. Fortunately, private mortgage insurance (PMI) is typically not required for down payments less than 20%.
There are many advantages to using the South Carolina jumbo loan mortgage calculator. Homebuyers will find that it can help with budgeting by providing an estimate of your monthly mortgage payment, including principal, interest, and property taxes.
To make an informed decision, use the calculator to compare offers from multiple lenders and find the loan that best serves your needs. This tool also shows how changes in interest rates can affect your payments, allowing you to plan for different scenarios.
How to Use the Jumbo Loan Calculator to Compare Scenarios
As you consider purchasing a new home in South Carolina, use the South Carolina jumbo loan calculator to compare loan scenarios that meet your budget and financial goals. Here’s what to do:
• Modify the home price to see how it affects affordability. Remember that you may qualify for a higher loan amount than you can comfortably afford.
• Consider a larger down payment to reduce your overall interest costs.
• Explore shorter loan terms to save on interest, although that will mean higher monthly payments.
• Use the calculator to evaluate how minor rate changes could affect a jumbo loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Deciding How Much House You Can Afford in South Carolina
You will need to determine how much house you can afford in South Carolina. Start with the guideline that says housing costs shouldn’t exceed 28% of your gross monthly income. If you are looking to purchase a $1 million home in South Carolina with a 10% down payment ($100,000), a 30-year term, and 6.75% interest rate, your monthly payment would be around $5,837, excluding taxes and insurance. You would need to earn an annual income of around $250,000 to comfortably afford that payment, assuming you have no other debts.
Lenders also suggest your total debt payments be less than 36% of your gross monthly income; other debt shouldn’t exceed about $1,600 monthly in this case. If you want to factor in other debts, such as a car loan, student loan, or credit card payment, you can use a home affordability calculator.
Another way to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Even though there are different types of mortgage loans, the core elements of any mortgage payment remain the same: the principal and interest. The South Carolina jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.
Other financial obligations that may be rolled into your mortgage bill are homeowners insurance and homeowners association (HOA) dues. Understanding these components helps you get a more accurate picture of your total commitment, ensuring you are well-prepared for the financial responsibilities of homeownership.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Cost of Living in South Carolina
When buying a home in South Carolina, researching the cost of living can help you decide how much home you can afford. States with a lower cost of living typically have more reasonable home prices along with lower expenses for utilities, maintenance, and transportation.
With a cost of living index of 92.5, South Carolina is about 7% more affordable than the national average. Housing costs (79.9) are especially budget friendly — by about 20% — and utilities (96.0) also tend to be less expensive.
Tips on Reducing Your Jumbo Loan Payment
Consider these tips to help you lower your monthly loan payment:
• Compare prices with insurance providers and see if they offer a discount for a multi-line policy (auto and home, for example). You can also opt for a higher deductible.
• Extend the term of your loan to reduce monthly payments, though this increases the total interest you’ll pay.
• If you face financial hardship in the future, talk to your lender about a loan modification.
• If interest rates drop, consider a mortgage refinance; just remember that to refinance a jumbo loan requires that you pay closing costs again.
The Takeaway
If you’re considering a jumbo mortgage loan in South Carolina, use the jumbo loan calculator to estimate your monthly payments and total costs. This tool allows you to try out different down payments, interest rates, and loan terms so you can make a financial choice that fits your budget and helps you prepare to find and afford your dream home.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgages: We make mortgage loan applications smart and simple.
Lenders typically like to see a credit score of 700 or higher to secure a jumbo loan (for a conventional conforming mortgage, the credit score is usually 620), although some lenders prefer a credit score of 720 or higher. Jumbo loans have stricter criteria, including a low debt-to-income ratio and significant cash reserves. To increase your chances of approval, work on improving your credit score by paying down credit card debt and higher-interest loans.
How much are closing costs on a jumbo loan?
Closing costs for a jumbo loan in South Carolina typically range from 2% to 5% of the property’s price. For a $1 million home, this translates to an estimated expense of $20,000 to $50,000.
Is $900,000 a jumbo loan?
Yes, a $900,000 mortgage is typically classified as a jumbo loan in most parts of the U.S. In 2025, the conforming loan limit for a single-family home is $806,500. This limit is higher in designated high-cost areas.
Do you need 20% for a jumbo loan?
While some lenders require a 20% down payment, many lenders now accept a down payment as low as 10% for a jumbo loan.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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