What’s the average mortgage payment in South Carolina?

According to data from Redfin and Rocket Mortgage, the average monthly mortgage payment in South Carolina is about $1,773 before property taxes and insurance. That places the Palmetto State below the national average of $2,010 per month, though payments can vary widely depending on location and home price. With its mix of historic cities, coastal communities, and fast-growing inland metros, South Carolina continues to draw buyers from across the country. 

A brief look at the South Carolina housing market

As of October 2025, the median home sale price in South Carolina is $382,900. Despite the 2% increase from 2024, the state still remains a bit lower than the current national median of nearly $440,000.

Here’s a quick look at some recent median sale prices across the state from Redfin:

What influences mortgage payments in South Carolina?

Your monthly mortgage payment is typically made up of four main components: principal, interest, taxes, and insurance, commonly known altogether as PITI. Each component can shift based on your loan details, home location, and market conditions. The Rocket Mortgage^®  mortgage calculator helps break these costs down so you can see how they influence your payment.

Home price and down payment

Home prices in South Carolina remain lower than the national median, which often translates into smaller loan balances. For example, with a 20% down payment and a 6.5% 30-year fixed rate on a $382,900 home, the estimated principal and interest payment would be about $1,936 per month, before taxes and insurance.

Opting for a smaller down payment may reduce upfront costs, but it can raise your monthly payment and may require private mortgage insurance (PMI), which most lenders add when putting down less than 20%.

Mortgage rate

Monthly payments and total loan costs are highly influenced by your mortgage interest rate. Rates are influenced by factors like credit score, down payment size, type of home loan, debt-to-income ratio (DTI), and overall market conditions. Because rates can change frequently, checking them regularly can help you understand how even small shifts could impact affordability.

Loan term

The length of your mortgage, known as the loan term, also affects monthly payments. A 30-year fixed mortgage generally lowers your monthly payments by spreading costs over a longer period, while a 15-year fixed mortgage raises your monthly payments but cuts total interest paid over time. Choosing the right term depends on your budget, financial goals, and how quickly you want to build equity.

Property taxes and insurance

South Carolina’s property taxes are among the lowest in the country, with effective rates typically below 0.6%. On a median-priced home, this can help keep monthly housing costs more manageable compared with many other states.

Homeowners insurance, however, can add more to the monthly total, especially in coastal areas where hurricane and flood risk may increase premiums. According to Insurify, average annual insurance costs are around $2,436 in South Carolina. This could add around $200 to your monthly mortgage payment depending on location, coverage, and home features. 

South Carolina mortgage payments compared to other states

Thanks to lower home prices and modest property taxes, South Carolina’s average mortgage payments generally come in below national averages. However, buyers should expect higher payments in coastal areas where demand and limited inventory drive prices higher.

Within the Southern region, South Carolina sits in the middle of the affordability spectrum:

When looking on a national level, South Carolina’s average monthly mortgage payment is mid-range, making its principal and interest costs a good middle ground for homebuyers. 

Highest monthly payments in South Carolina

The highest estimated monthly mortgage payments are usually found in coastal counties and fast-growing metro areas, where home prices significantly exceed the state median. According to Q1 2025 median sale prices from the National Association of REALTORS^®, these are the five highest average monthly mortgage payments in South Carolina:

Lowest monthly payments in South Carolina

Counties with lower home prices, often located inland or farther from major metros, tend to see the lowest estimated monthly mortgage payments, sometimes well below $1,000 per month. Here are the five lowest average monthly mortgage payments in the state: 

How to calculate your mortgage payment

Mortgage payments are calculated using a standard formula based on your loan amount, interest rate, and loan term. If you want to explore how changes to any of these factors affect your monthly cost, the Rocket Mortgage online mortgage calculator offers an easy way to test different scenarios. Additional Rocket Mortgage tools can also help you evaluate affordability and long-term costs.

Mortgage resources for South Carolina

Redfin compiles a list of programs for first-time home buyers in South Carolina, and we’ll dive into a few additional resources below: 

• SC Housing Homebuyer Program: A statewide mortgage program that assists low-to-moderate income families and home buyers with competitive fixed-interest rate mortgage loans. Down payment assistance funds may also be available and may be used to cover closing costs. 

• Palmetto Home Advantage: A flexible mortgage option available to first-time, repeat, and move-up buyers across all 46 counties that combines conventional, FHA, VA, or USDA loans with forgivable down payment assistance of up to 3–4% and potential reductions in mortgage insurance. 

• County First Initiative: A rural-focused program under SC Housing designed to assist buyers in underserved counties with special fixed-rate mortgages and forgivable down payment assistance.

• Mortgage Credit Certificate (MCC) Program: A state-administered federal tax credit that lets eligible South Carolina homebuyers claim a portion of their mortgage interest as a tax credit each year, potentially lowering federal tax liability and improving monthly cash flow.

• City of Charleston Homeownership Initiative: A local municipal program in Charleston that provides qualified first-time homebuyers with down payment and closing cost assistance in the form of a deferred, forgivable loan tied to primary residence requirements.

FAQs on the average monthly mortgage payment in South Carolina 

Have more questions about the average monthly mortgage payment in South Carolina? We have answers! 

What is a good mortgage payment in South Carolina right now?

A “good” mortgage payment is one that fits comfortably within your budget. Because South Carolina home prices are below national averages, many buyers may find their monthly payment is also lower than in other parts of the country. Using the Rocket Mortgage home affordability calculator can help you estimate a price range that aligns with your income.

What’s the difference between a 15-year vs. 30-year mortgage in South Carolina?

The difference between a 15-year vs. 30-year mortgage in South Carolina is very similar to the differences in other states. A 30-year mortgage typically offers lower monthly payments by spreading the loan over more time, while a 15-year mortgage increases monthly costs but reduces total interest paid. The right option depends on your financial goals, cash flow, and long-term plans.

How much income is needed to afford a home in South Carolina?

Income needs vary based on home price, interest rates, and personal debt. Based on combined Redfin and Rocket data, the average household income for an average mortgage rate in South Carolina is $85,745. Income averages and requirements could look different depending on where in the state you plan to buy. Tools like Rocket Mortgage’s affordability calculator can help estimate what works for your situation.

The bottom line: What drives average monthly mortgage payments in South Carolina 

South Carolina mortgage payments are shaped by a combination of home prices, interest rates, property taxes, and insurance costs. While the state remains relatively affordable overall, location plays a major role, particularly for buyers looking near the coast or in rapidly growing cities.

Whether you’re buying your first home or planning a move within the Palmetto State, getting prequalified for a loan with Rocket Mortgage can help you understand your buying power and move forward with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.