Financial Calculators

South Carolina Mortgage Calculator

Calculate home mortgage payments in South Carolina. Estimates PITI payments using local South Carolina average property tax rates (0.56%) and homeowners insurance.

Formula Verified & Maintained by:David Miller, CPA

CPA, M.S. Finance (NYU Stern) • Lead Financial Analyst & Tax Technology Editor

Peer-Reviewed AlgorithmAudited for 2026 Rules

Interactive Calculator

1. Provide Details

Home Purchase Price ($)

Down Payment ($)

Interest Rate (APR %)

Loan Term (Years)

2. Output Results

Monthly Principal & Interest1422.15 $

South Carolina Property Tax (0.56%)116.67 $

Homeowners Insurance Reserves120.83 $

Total Monthly Payment (PITI)1659.65 $

How to Calculate: Formula & Steps

Finds the amortized monthly mortgage payment and adds standard property reserves for the state of South Carolina.

Formula Used:Monthly Payment = P&I + Monthly Tax (0.56% annual) + Monthly Insurance (0.58% annual)

Step-by-Step Calculation Example

A $250k home in South Carolina with 10% down ($25k) at 6.5% interest costs approximately $1,662/month.

Common Mistakes to Avoid

Failing to account for local municipal or school district taxes, which can alter the overall payment amount.

Practical Use Cases

South Carolina home purchases
Refinancing properties in Charleston, Columbia, or Greenville

Expert Tips

Check eligibility for the South Carolina state homestead exemption if you are over 65 or disabled to lower your tax reserves.

South Carolina Mortgage Financing: 4% Primary Assessment vs. 6% Secondary

South Carolina features some of the lowest effective property taxes in the United States (averaging 0.56% of market value for primary residences). However, tax bills vary dramatically based on whether the home is registered as a legal primary residence or a secondary vacation/rental home.

4% Primary Residence Assessment Ratio

Owner-occupied primary residences are assessed at only 4% of fair market value and are 100% exempt from school operating property taxes (Act 388), resulting in an effective tax rate of ~0.50% to 0.65%.

6% Secondary / Rental Ratio

Second homes, beach vacation rentals, and investment properties are assessed at 6% of market value with no school operating tax exemption, causing property taxes to be 2.5× to 3× higher.

South Carolina PITI Monthly Formula

Total PITI = Principal & Interest + (Home Price × 0.56% ÷ 12) + (Home Price × 0.58% ÷ 12)

Disclaimer

This calculation tool is provided for educational and informational estimation purposes only. Results are based on mathematical formulas and user-supplied parameters. They do not constitute formal underwriting, financial, tax, engineering, or legal determinations.

Frequently Asked Questions About South Carolina Mortgage Calculator

What is the average property tax rate in South Carolina?

South Carolina has one of the lowest average property tax rates in the United States at approximately 0.56% of the home value annually.