Estimate your monthly mortgage payment in South Carolina — principal & interest plus South Carolina property tax and homeowner’s insurance.
Buying a home in South Carolina: what to know
South Carolina’s typical home value stood at about $306,000 in August 2026 (Zillow ZHVI, up 0.5% year over year), and the state’s 0.52% median effective property tax rate is among the lowest in the nation. This calculator pre-fills the $306,000 median price with South Carolina’s 0.52% tax rate and the $1,571/year average homeowner’s insurance premium, adding PMI when the down payment is below 20%. SC Housing’s Homebuyer Program ($10,000 in forgivable down payment assistance) and Palmetto Home Advantage (up to 4% forgivable assistance, open to repeat buyers too) are detailed below.
South Carolina mortgage facts
| Fact | Figure |
|---|---|
| 2026 conforming loan limit (1-unit) | $832,750 |
| Median home price | $306,323 |
| Median effective property tax rate | 0.52% |
| Average homeowner’s insurance | $1,571/year |
Data as of October 2026. Sources: FHFA (2026 conforming limits), Zillow ZHVI (August 2026), Tax Foundation (2026 (2024 ACS data)), NAIC via Insurance Information Institute (2022 (published May 2025)); rate: 7.40% (Freddie Mac PMMS, week ending October 15, 2026)
South Carolina first-time buyer programs
- SC Housing Homebuyer Program — A 30-year fixed-rate first mortgage for first-time buyers (veterans exempt from the first-time requirement) paired with $10,000 in down payment assistance as a forgivable second loan — fully forgiven if you stay in the home for 15 years. Available statewide through 100+ approved lenders with FHA, VA, USDA, or Fannie/Freddie HFA options; county income and purchase-price limits apply. Official site
- Palmetto Home Advantage — SC Housing’s program for both first-time AND move-up buyers: forgivable down payment assistance worth up to 4% of the loan amount, with no first-time-buyer requirement and reduced mortgage insurance (18% coverage) on conventional loans. Generally requires a 640 minimum credit score and works with conventional, FHA, VA, and USDA financing. Official site
How to use this calculator
The $306,323 statewide median is pre-filled — adjust upward for Charleston or Greenville (ZHVI around $330,000–$360,000) or down for rural counties. Enter your down payment: 20% avoids PMI; less than 20% adds it. South Carolina’s 0.52% property tax rate is applied automatically — one of the lowest in the country thanks to the state’s owner-occupied assessment discount — and insurance defaults to $1,571/year. Set the interest rate to your actual quote. With no high-cost counties in 2026, every South Carolina loan up to $832,750 gets conforming pricing.
Worked example: a median South Carolina home
Take a median-priced South Carolina home at $306,323. With 20% down ($61,264.60), the loan amount is $245,058.40. At 7.40% (Freddie Mac PMMS, week ending October 15, 2026) on a 30-year fixed term, principal and interest come to $1,696.73/month. Add property tax of about $132.74/month (0.52% of $306,323, divided by 12) and insurance of about $130.92/month ($1,571 a year), for a total estimated payment of $1,960.39/month. Over 30 years, total interest would be about $365,766.15. Your rate, down payment, and county tax bill will move these numbers — use the calculator above with your own figures.
What is the conforming loan limit in South Carolina for 2026?
The 2026 FHFA conforming loan limit for a one-unit home is $832,750, per the FHFA’s November 2025 announcement — and it applies in every South Carolina county. The state has no designated high-cost counties for 2026, so the baseline limit covers Charleston, Greenville, Columbia, Myrtle Beach, and everywhere else.
How much are property taxes in South Carolina?
The median effective property tax rate in South Carolina is about 0.52% (Tax Foundation, 2026 (2024 ACS data)) — one of the lowest in the nation. On a $306,323 home, that’s roughly $1,593 a year, or $133 a month — already included in the calculator above. Actual bills vary by county and municipality.
Why are South Carolina property taxes so low for homeowners?
South Carolina assesses owner-occupied homes at just 4% of market value versus 6% for non-owner-occupied property — one of the biggest homeowner assessment discounts in the U.S. Combined with a homestead exemption for qualifying seniors and disabled veterans, that assessment gap is the main reason the state’s effective rate sits at only 0.52%. Second homes and rentals pay the full 6% assessment.
What is SC Housing’s Palmetto Home Advantage program?
Palmetto Home Advantage is SC Housing’s mortgage program open to both first-time and repeat (move-up) buyers — no first-time requirement. It pairs government or conventional financing with forgivable down payment assistance worth up to 4% of the loan amount, plus reduced 18% mortgage-insurance coverage on conventional loans. A 640 minimum credit score is typical, and new and existing homes both qualify.
How is South Carolina’s housing market doing in 2026?
South Carolina’s typical home value was $306,323 in August 2026 (Zillow ZHVI), up a modest 0.5% year over year — a cooling but stable market. Coastal and Upstate metros (Greenville, Charleston) continue to draw in-migration, and SC Housing reports its first-time buyer programs helped purchase 2,678 homes in the year through April 2026.