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House hunting can be fun, but figuring out a mortgage is sometimes stressful. It doesn’t have to be, though: Online tools can make the process smoother by making you more informed. A South Carolina mortgage calculator helps you estimate your monthly home loan payments based on your home price, down payment amount, interest rate, loan term, and property tax rate. You can run the numbers many different ways in mere minutes and emerge with a comprehensive view of your monthly financial commitment and the amount of interest you’ll be paying for the home over the long haul. Let’s get started
Key Points
• A mortgage calculator helps homebuyers understand factors influencing the cost of a mortgage in South Carolina.
• With a mortgage calculator, you can quickly consider the impact of different down payment amounts on your monthly payments.
• A calculator can help you choose a loan term that fits your financial goals and budget.
• Explore down payment assistance programs for first-time homebuyers if you might be eligible.
• This mortgage calculator factors in property taxes.
South Carolina Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer. This figure and your down payment will determine the size of your home loan.
• Down payment: The down payment is the amount the homebuyer pays upfront, often expressed as a percentage of the total purchase price. Most buyers put down between 3% and 20%; a 20% down payment helps to avoid private mortgage insurance (PMI).
• Loan term: The loan term is the length of time you have to repay the home loan, anywhere from 10 to 30 years. A shorter term can result in higher monthly payments but less interest paid over the life of the loan.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Interest rates can vary based on your credit score, market trends, and the type of mortgage loan you choose.
• Annual property tax: Property tax is levied by local governments on land and buildings, and is expressed as a percentage of the property’s assessed value. In South Carolina, the average property tax rate is a relatively low .47%. Get your precise tax rate by searching the home’s ZIP code or county and “effective property tax rate.”
• Monthly payment: The monthly payment is what you will pay toward the principal and interest. In this calculator, it also includes property taxes. Some lenders wrap homeowners insurance and homeowners association (HOA) fees into the payment. And if you are paying PMI, it will be added on as well.
• Total interest paid: The total interest paid is the amount of interest you will pay over the life of the home loan. A mortgage calculator can help you estimate this figure, allowing you to compare different loan scenarios and make informed decisions.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including principal and interest. A mortgage calculator provides an estimate of the total cost, helping you assess the affordability of the home.
How to Use the South Carolina Mortgage Calculator
Step 1: Enter Your Home Price
Type in the agreed-upon home price accurately to ensure precise mortgage estimates.
Step 2: Select a Down Payment Amount
Choose the down payment percentage to see how it affects your monthly mortgage payments. If you’re unsure about how much cash you need to get to a certain percentage of the home price, use a down payment calculator.
Step 3: Choose a Loan Term
Select a term of between 10 and 30 years based on your financial goals and budget constraints.
Step 4: Enter an Interest Rate
Input your interest rate to the second or third decimal point for accurate estimates. If you’re not able to get a rate as low as you would like, a mortgage refinance might be possible down the line.
Step 5: Add Your Property Tax Rate
Enter the property tax rate as a percentage to estimate your total monthly payment.
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps prospective homebuyers determine affordability when house hunting. Particularly if you are buying your first home, it can be helpful to test different scenarios using a mortgage calculator so you can see how down payment amounts, rates, and loan terms affect your monthly costs. To use the calculator, you’ll input some key facts: the home price, down payment amount, interest rate, loan term, and property tax rate. The calculator estimates monthly payments and tells you how much interest you’ll pay over the life of the loan.
Deciding How Much House You Can Afford in South Carolina
In South Carolina, the median home price in mid-2025 was $391,000. Lenders generally like to see that housing costs don’t exceed 28% of gross monthly income. Using this formula and assuming you put down 20% ($78,200) and opted for a 30-year loan at 7.00%, you would need an income of at least $90,000 to afford a median-priced home. Your monthly payment would be around $2,100 including principal, interest, property taxes, and home insurance. This assumes you don’t have other significant debts. If you are paying off other loans or credit card debt, you would need to earn more.
Another way to determine how much house you can afford is to work backward from your income, factoring in your debts. You can do this with a home affordability calculator and arrive at your ideal home price in minutes.
If you’re deep into house-hunting or have your eye on a dream property, consider going through the mortgage preapproval process with a lender. You’ll submit detailed financial information and if you qualify for a loan, the lender will provide you with an amount and estimated rate.
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:
Components of a Mortgage Payment
The main components of a mortgage payment are principal and interest. The principal is the borrowed amount, and the interest is the cost to borrow that money. Additionally, your monthly payment may include property tax, which is determined by the local government and can vary over time. This calculator includes property tax costs.
If your down payment is less than 20%, you may also need to pay PMI. Home insurance and homeowners association (HOA) fees, if applicable, are also sometimes rolled into the mortgage payment.
Homes purchased with a loan backed by the Federal Housing Administration (FHA) will have both upfront and annual mortgage insurance premium costs, so if you’re exploring an FHA loan, use an FHA mortgage calculator. And if you are thinking about a U.S. Department of Veterans Affairs (VA) mortgage, there’s a custom VA mortgage calculator for you.
The cost of living in your area will significantly affect how much you can afford to spend on a home. South Carolina’s cost of living is a fairly reasonable 94.7% of the U.S. average, according to data compiled by the Missouri Economic Research and Information Center. As in any state with a coastal area, life is a bit more expensive at the beach. You may find you need a jumbo loan to afford a higher-priced property there.
On the bright side, some of the best affordable places in the U.S. are located in the Palmetto State. If you’re relocating there, consider Spartanburg, Greenville, or Columbia. Here’s how some of the major South Carolina cities fare on a cost-of-living index where 100 equals the average cost of living in the U.S.
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.
Tips on Reducing Your Mortgage Payment
Once you own a home, you aren’t always stuck with your monthly payment amount for the duration. There are ways to reduce your payments. Check out these options:
• Request that your lender drop private mortgage insurance (PMI) once you reach 20% equity.
• Recast your mortgage by making a lump sum payment to reduce the principal, then asking the lender to recompute payments.
• Consider a mortgage refinance to a lower interest rate to save money. Make sure you compare all-in costs, including closing costs, when you make this decision.
• Appeal your property tax assessment to lower your tax bill. Use caution when doing this — if you’ve made significant improvements to the property, a reassessment could backfire.
• Request that the lender modify your loan to reduce monthly payments if you face financial hardship.
• Extend the loan term to lower monthly expenses. This can get you out of a monthly budget crunch but it does increase total interest paid.
South Carolina First-Time Homebuyer Assistance Programs
If you’re buying your first home, there are several South Carolina first-time homebuyer assistance programs available to help you cover initial costs. Down payment assistance programs cover some or all of a newbie buyer’s down payment; other programs help with closing fees. To qualify, you must not have owned a primary residence within the past three years. Explore the options to see which program best fits your needs and financial situation, and consider how they can help you achieve your homebuying goals.
A South Carolina mortgage calculator is a powerful tool for anyone considering a home loan. It helps estimate monthly payments, including principal, interest, and property taxes, providing a clearer picture of the financial commitment. By inputting the home price, down payment, loan term, interest rate, and property tax rate, you can better understand the impact of different scenarios on your budget. Whether you’re a first-time buyer or a seasoned homeowner, using a mortgage calculator can guide you in making informed decisions.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
What are principal and interest on a mortgage loan?
Principal is the amount you borrow, and interest is the cost of borrowing that principal. Each monthly payment goes toward both, with the proportion changing over time. Your lender will provide an amortization schedule, which will tell you exactly how much of each payment goes toward each part of the loan.
How can I get a lower mortgage interest rate?
If you’re in the market for a loan, try to improve your credit score, shop around and get quotes from multiple lenders, and pay down debts to the extent possible. If you already have a mortgage, check the latest interest rates. If they are lower than your current rate, consider refinancing.
How much should I put down on a mortgage?
A first-time homebuyer can sometimes put down as little as 3% toward the purchase price of a home and for many buyers, this is a good idea. Bottom line? You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t bankrupting your emergency fund or stopping payments on other debt. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill. Use a mortgage calculator to run different down payment scenarios and see how they impact costs.
Should I choose a 30-year or 15-year mortgage term?
A 30-year term offers lower monthly payments. A 15-year term could save you thousands of dollars in interest over the life of the loan, but will require a higher monthly payment. If you can make a 15-year or 20-year term work with your budget, go for it. But particularly if this is your first home purchase, don’t feel bad about locking in 30 years — many people choose this option.
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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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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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