South Carolina Mortgage Refinance Calculator 2026 — Break-Even Analysis

Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation

Quick Answer

Current 30-year mortgage rates in South Carolina are around 6.88%. Refinancing makes sense if your current rate is 0.75%+ higher and you plan to stay at least 2–3 years. On a $300K loan, dropping from 7.5% to 6.88% saves approximately $126/month.

South Carolina Housing & Mortgage Data

Median Home Price$310,000
30-Year Fixed Rate6.88%(State average, Apr 2026)
Property Tax Rate0.57%(Effective rate)
Avg HO Insurance$2,200/yr ($183/mo)
Typical Down Payment10% ($31,000)
Median Household Income$58,000/yr

Key Facts for South Carolina

  • ✓South Carolina median home price is $310,000 as of 2026
  • ✓30-year fixed mortgage rates in South Carolina average 6.88%
  • ✓Property taxes in South Carolina are 0.57% — below the national average of 1.10%
  • ✓Homeowners insurance averages $2,200/year in South Carolina
  • ✓A household earning $77,500/year can typically afford the median South Carolina home

More South Carolina Calculators

Mortgage CalculatorMortgage Affordability CalculatorHomeowners Insurance CalculatorProperty Tax Calculator

Frequently Asked Questions — Mortgage Refinance Calculator in South Carolina

When does it make sense to refinance in South Carolina?
Refinancing makes sense in South Carolina when you can reduce your rate by at least 0.75% and you plan to stay in the home long enough to recoup closing costs (typically 2–3 years). Current 30-year rates in South Carolina are approximately 6.88%. If your current rate is above 7.63%, a refinance analysis is worth running.
What are typical refinance closing costs in South Carolina?
Refinance closing costs in South Carolina typically run 2–5% of the loan balance, or $5,580–$13,950 on the South Carolina median home. These include lender origination fees, appraisal, title search, and prepaid interest. Some lenders offer no-closing-cost refis with a slightly higher rate.
What is the average mortgage payment in South Carolina?
The average monthly mortgage payment (principal + interest) in South Carolina is approximately $1,834 for a $279,000 loan at 6.88% over 30 years. Adding property tax ($147/mo) and homeowners insurance ($183/mo) brings total PITI to about $2,165/month.
What credit score do I need for a mortgage in South Carolina?
Most South Carolina lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in South Carolina, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $41,850 over the life of a 30-year loan.
How much down payment is required to buy a home in South Carolina?
You can buy a home in South Carolina with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the South Carolina median home price of $310,000, a 20% down payment is $62,000 and lets you avoid PMI. South Carolina also has state-level down payment assistance programs for first-time buyers.
What are current mortgage rates in South Carolina?
Current 30-year fixed mortgage rates in South Carolina average 6.88% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best South Carolina mortgage rate.
What is the property tax rate in South Carolina?
South Carolina's effective property tax rate is 0.57%. On the South Carolina median home value of $310,000, annual property taxes are approximately $1,767 ($147/month). Property taxes in South Carolina are typically escrowed in your monthly mortgage payment.