Monthly Payment on a $300K Mortgage in South Carolina
Using South Carolina's 0.57% property tax rate and $2,600/yr homeowners insurance.
$300K Mortgage in South Carolina: Rate Comparison
Monthly PITI payment using South Carolina's 0.57% property tax and $2,600/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $2,144 | $2,050 | $1,722 |
| 6.0% | $2,234 | $2,135 | $1,798 |
| 6.5% | $2,327 | $2,223 | $1,876 |
| 7.0% | $2,422 | $2,313 | $1,956 |
| 7.5% | $2,518 | $2,405 | $2,037 |
| 8.0% | $2,617 | $2,498 | $2,120 |
How This Compares to South Carolina's Median
A $300K home is close to South Carolina's median of $305K — this represents a typical purchase in the state. Cities at this price range include Greenville, Myrtle Beach, Rock Hill, Aiken.
Income Needed for a $300K Home in South Carolina
To afford this payment of $2,223/mo in South Carolina, you'd need a household income of approximately $95K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $100K salary can afford →Closing Costs in South Carolina
Estimated closing costs in South Carolina: $4K (1.3% of purchase price). South Carolina also charges a 0.37% transfer tax, which may add $1,110 to your transaction costs.
What to Know About a $300K Mortgage in South Carolina
With 10% down ($30,000), your loan of $270,000 at 6.5% over 30 years produces a principal and interest payment of $1,707/mo. Adding South Carolina's 0.57% property tax ($142/mo) and $2,600/yr insurance ($217/mo) brings your total to $2,223/mo. Because you're putting less than 20% down, PMI adds $158/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $344,370 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $32,304 over the life of the loan.