South Carolina Mortgage Calculator | Ascension


Say you borrow $ 250,000 to buy a house and take out a 30-year mortgage at 4% interest. In the formula, you would use 250,000 as the principal, 360 for the number of months, and 0.04 as the interest rate.

This formula only calculates your principal and interest payment. In the vast majority of cases, mortgage borrowers are required to pay a pro rata share of their withholding property taxes and home insurance with their mortgage. And, if you live in a neighborhood with a Homeowners Association (HOA) or Condominium Association, you may need to pay your monthly dues to your mortgage agent along with your payment, which in turn will pay the association. in your name. And, if you plan to put less than 20% down, you’ll likely need to pay for private mortgage insurance (PMI) every month.

So to get a better idea of ​​how much your mortgage payment is, take the amount you calculated using the formula, then add one-twelfth of your home’s annual property taxes and risk insurance, as well as your monthly HOA contributions (if you are paying through your mortgage). Or you can just use our South Carolina Tax and Insurance Mortgage Calculator, above.

What to Know Before Buying a Home in South Carolina

South Carolina is generally considered a low-cost real estate market because its median home value is significantly lower than the US average. However, there are quite expensive real estate markets. These include Charleston, Greenville, and Mount Pleasant, to name a few. If you are buying your first home, it may be better to start small rather than immediately jump into an expensive area.

South Carolina has some of the lowest property taxes in the United States. South Carolina has an average property tax rate of just 0.52% of a home’s fair market value, making it the fourth cheapest state in terms of property taxes. This means that the average annual property tax bill on a $ 200,000 home in South Carolina would only be $ 1,040. However, it’s important to note that South Carolina property taxes vary widely by city, county, and district. Your home will be appraised every five years to determine its market value for tax purposes.

It is important to mention that South Carolina has very different property tax rates for owner-occupied dwellings, as opposed to second homes or investment properties. Not only are the tax rates applied at a different portion of the appraised value (4% vs. 6%) for owner-occupied homes, there is a significant tax break homeowner can claim. In fact, it is not uncommon for a real estate investor to pay around four times the property tax that an owner-occupant would have for the same property.

South Carolina has a real estate transfer tax of $ 1.85 per $ 500, which is 0.37% of a home’s selling price. Thus, when selling a house for $ 200,000, allow for a transfer tax of $ 740.

While South Carolina’s property taxes are well below average, it’s not exactly a “low tax” state. Personal income tax rates are up to 7%; sales taxes are 7% to 8% in most places; and residents of South Carolina pay property taxes on their vehicles at one of the highest rates in the United States.

South Carolina has some great beaches and coastal areas, but if you are considering buying a home near the coast, be prepared to pay extra for your home insurance. You will need to cover potential damage from tropical storms and hurricanes. And if your home is in a low coastal area, you may also need to purchase flood insurance (not cheap). You can calculate your monthly payment with these increased costs using the South Carolina mortgage calculator above with your taxes and insurance entered in the “Additional Inputs” section.

Tips for first-time home buyers in South Carolina

South Carolina has a few programs that first time home buyers might want to consider. First, the SC Housing Homebuyer program helps homebuyers connect with down payment assistance programs and helps homebuyers find low-interest, fixed-interest mortgages.

Then the Palmetto Home Advantage mortgage program offers pardonable down payment assistance to eligible borrowers. And while the program is probably the most widely used by first-time homebuyers, it’s not specifically limited to first-time buyers.

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