Mortgage Payment Guide · South Carolina
Monthly Mortgage Payment on a $350K Home in South Carolina (2026)
The number most lenders quote for a $350,000 home in South Carolina is $1,751/month — that's principal and interest (P&I) only. It leaves out property taxes, homeowners insurance, and PMI (private mortgage insurance) if your down payment is under 20%. The real all-in monthly payment — lenders call this PITI, short for principal, interest, taxes, and insurance — with 20% down is $2,110. Here's exactly how that breaks down.
New to this? Quick definitions
- PITI —
- principal, interest, taxes, and insurance. The full monthly housing payment, not just the loan piece.
- P&I —
- principal and interest only — what most lenders quote up front, before taxes and insurance are added.
- PMI —
- private mortgage insurance. An extra monthly fee lenders charge when your down payment is under 20%, protecting the lender (not you) if you default.
- DTI —
- debt-to-income ratio. Your monthly debt payments divided by gross monthly income — front-end DTI counts housing only, back-end DTI counts all debts.
Calculate Your Actual Monthly Payment
Mortgage Estimator
South Carolina rates pre-loaded
Monthly Payment
$2,110
estimated all-in payment (PITI)
Tax rate: 0.52% (South Carolina effective rate, Tax Foundation 2024) · Insurance: $2,484/yr (South Carolina average, Insurify 2026)
Excludes HOA fees. Rates and costs are estimates; actual costs vary.
Full Calculator →Rate: 6.4% (Freddie Mac Primary Mortgage Market Survey). Property tax: 0.52% effective rate (Tax Foundation Property Taxes by State 2024). Insurance: $2,484/yr (Insurance.com Rate Analysis 2026).
Full Cost Breakdown: $350,000 Home in South Carolina
| Cost Component | 20% Down ($70,000) | 10% Down ($35,000) |
|---|---|---|
| Home Price | $350,000 | $350,000 |
| Loan Amount | $280,000 | $315,000 |
| Principal & Interest | $1,751/mo | $1,970/mo |
| Property Tax (0.52% rate) | $152/mo | $152/mo |
| Home Insurance | $207/mo | $207/mo |
| PMI (drops ~month 94) | — | $223/mo |
| Total Monthly PITI | $2,110/mo | $2,552/mo |
| Income Needed (28% DTI) | $90,432/yr | $109,377/yr |
| Income Needed (36% DTI) | $70,336/yr | $85,071/yr |
These estimates use South Carolina's 0.52% effective property tax rate (Tax Foundation Property Taxes by State 2024) and the statewide average home insurance premium of $2,484/year (Insurance.com Rate Analysis 2026). Your actual costs will vary by county and property.
Where your money goes each month
Mistakes first-time buyers make
- Comparing lenders only on the interest rate they quote, instead of the APR and total fees on the Loan Estimate.
- Budgeting off the P&I number alone instead of the full PITI payment shown above.
- Not accounting for PMI when putting down less than 20% — it can add hundreds a month until you hit 20% equity.
- Assuming the qualifying DTI limit (28%/36%) is a comfortable target rather than a lender ceiling.
Pro tips
- Get quotes from 3+ lenders within a 2-week window — credit bureaus count them as a single inquiry, so it won't hurt your score.
- Ask every lender for a Loan Estimate so you're comparing rate, fees, and PMI side by side, not just the headline rate.
- Only buy discount points if you'll stay in the home long enough for the lower rate to pay back what the points cost upfront.
- Re-run the numbers above with your real credit score and quote — the statewide rate used here is an average, not your rate.
15-Year vs. 30-Year Mortgage on a $350,000 Home in South Carolina
30-Year Fixed
$2,110/mo
Total interest: $350,510
15-Year Fixed
$2,706/mo
Total interest: $142,586
The 15-year payment is $596/month more than the 30-year. Over the life of the loan, you'd pay $350,510 in interest on a 30-year vs. $142,586 on a 15-year — a difference of $207,924. Whether that tradeoff makes sense depends on your income stability and other financial goals. The 15-year rate used here (5.90%) reflects the historical 0.5% spread between 30-year and 15-year fixed rates (Freddie Mac PMMS).
How Much Do You Need to Earn to Afford a $350,000 Home in South Carolina?
The 28% front-end DTI ratio is the conventional guideline used by Fannie Mae and Freddie Mac: your total housing payment should not exceed 28% of your gross monthly income. When you carry other debts, the 36% back-end DTI limit applies to all obligations combined. Source: Fannie Mae Selling Guide B3-6-02.
| Other Monthly Debts | Income Needed (20% down) | Income Needed (10% down) |
|---|---|---|
| No other debts | $90,432/yr | $109,377/yr |
| $300/mo | $80,333/yr | $95,067/yr |
| $600/mo | $90,333/yr | $105,067/yr |
| $1,000/mo | $103,667/yr | $118,400/yr |
These are qualifying thresholds, not comfortable ones. Lenders can approve borrowers at 43% DTI or higher with compensating factors — that doesn't mean you should borrow that much. Our honest recommendation: target a payment that's no more than 25% of your take-home pay, not gross income.
What Makes South Carolina Mortgage Costs Different from the National Average?
At 0.52%, South Carolina's effective property tax rate is 0.55 percentage points below the national average of 1.07% (Tax Foundation 2024). On a $350,000 home, that saves you $1,925 per year compared to a median-tax state.
South Carolina's average home insurance premium is $2,484/year — $303 more than the national average of $2,181 (Insurify 2026). This adds $25/month to your housing costs compared to a typical state.
The rate used in these calculations — 6.4% — reflects South Carolina's 30-year fixed average from the Freddie Mac Primary Mortgage Market Survey. A 0.5% increase in your rate would add approximately $93/month to the principal and interest payment.
South Carolina Rules That Change the Cost of a $350,000 Purchase
Deed Recording Fee
South Carolina charges a deed recording fee of $1.85 per $500 of value (about 0.37%): $1.30 state plus $0.55 county. The grantor (seller) is primarily liable; the grantee is secondarily liable. (S.C. Code Ann. § 12-24-10 et seq. (Title 12, Chapter 24)). (South Carolina Legislature, retrieved 2026-09-14) Under that schedule a $350,000 sale owes $1,295, which the statute puts on the seller.
Recording fees
Statewide uniform filing fees: $15 for a deed to real estate; $25 for a mortgage (S.C. Code § 8-21-310(A)). The deed recording fee (transfer tax) is charged in addition. (South Carolina Legislature, retrieved 2026-09-14)
How South Carolina arrives at the property tax bill
Owner-occupied legal residence (and up to five contiguous acres): 4% of fair market value; other real property: 6% of fair market value (§ 12-43-220) (South Carolina Legislature, retrieved 2026-09-14) Increases in fair market value from a countywide reassessment are limited to 15% within a five-year period (§ 12-37-3140(B)); the cap does not apply to additions/improvements or in the year of an assessable transfer of interest. (South Carolina Legislature, retrieved 2026-09-14)
Exempts the first $50,000 of the fair market value of the dwelling place from county, municipal, school and special assessment real property taxes for residents aged 65+, totally and permanently disabled, or legally blind. Separately, all owner-occupied legal residences are assessed at 4% instead of 6% (§ 12-43-220(c)). When to file: Written application before July sixteenth of the tax year (late applications after July 15 but before the first penalty date still reduce that year's taxes). (South Carolina Legislature, retrieved 2026-09-14)
If the assessed value looks wrong, the appeal window is In years when there is a property tax assessment notice, written notice of objection within ninety days after the assessor mails the notice (§ 12-60-2510(A)(3)), heard first by the County assessor (written objection), then county board of assessment appeals / Administrative Law Court. (South Carolina Legislature, retrieved 2026-09-14)
South Carolina State Housing Finance and Development Authority (SC Housing): SC Housing Homebuyer (Bond) Program
SC Housing Homebuyer (Bond) Program is the first-mortgage programme run by South Carolina State Housing Finance and Development Authority (SC Housing). (South Carolina State Housing Finance and Development Authority, retrieved 2026-09-14) Its purchase-price limit is $450,000 (all counties (targeted and non-targeted), 2026/2027 limits effective for reservations on and after 06.01.2026), so a $350,000 home is within it. (South Carolina State Housing Finance and Development Authority, retrieved 2026-09-14) Income limits: varies by county for 1-2 person households: $95,800 (e.g. Aiken, Richland) to $141,000 (Berkeley, Dorchester); unlisted counties $114,960 (1-2 persons) / $134,120 (3+). Palmetto Home Advantage: $140,000 statewide.. (South Carolina State Housing Finance and Development Authority, retrieved 2026-09-14) Down payment help comes through Forgivable Down Payment Assistance (15-year forgivable second lien, SC Housing Homebuyer Program); Palmetto Home Advantage forgivable DPA (10-year): Palmetto Home Advantage: forgivable down payment assistance of 0%, 3%, or 4% of the loan amount with no monthly payment.. (South Carolina State Housing Finance and Development Authority, retrieved 2026-09-14) Minimum credit score: 640. (South Carolina State Housing Finance and Development Authority, retrieved 2026-09-14)
South Carolina Wind and Hail Underwriting Association (Wind Pool)
A residual market mechanism providing wind and hail insurance for residential and commercial property to applicants unable to procure it in the statutorily defined coastal area (e.g. areas of Beaufort and Colleton counties east of the west bank of the intracoastal waterway, plus defined areas of Charleston, Georgetown and Horry counties) (S.C. Code §§ 38-75-310, 38-75-330). (South Carolina Legislature, retrieved 2026-09-14) Insurers must notify new and renewing residential policyholders of the availability and range of premium discounts, credits or deductible reductions for wind-loss mitigation (§ 38-75-755(A)). (South Carolina Legislature, retrieved 2026-09-14)
Who closes the sale
The South Carolina Supreme Court (Doe v. McMaster, Op. No. 25508, 2003, reaffirming State v. Buyers Service Co., 1987) holds that real estate and mortgage loan closings must be conducted under the supervision of attorneys; non-attorney-supervised closings are the unauthorized practice of law. (Supreme Court of South Carolina, retrieved 2026-09-14)
Check If You Qualify: Debt-to-Income Calculator
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How Does $350,000 Compare to Other Home Prices in South Carolina?
Frequently Asked Questions
What is the monthly payment on a $350,000 home in South Carolina?
With 20% down ($70,000), the estimated all-in monthly payment on a $350,000 home in South Carolina is $2,110/month. This includes principal and interest ($1,751), property taxes ($152/mo, based on South Carolina's 0.52% effective rate), and home insurance ($207/mo, statewide average). With 10% down, the payment rises to $2,552/month due to PMI of $223/month.
How much do I need to earn to afford a $350,000 home in South Carolina?
Using the 28% front-end DTI guideline (Fannie Mae Selling Guide B3-6-02), you'd need to earn at least $90,432/year with 20% down, or $109,377/year with 10% down, assuming no other monthly debts. If you carry $600/month in other debts, the required income rises to approximately $90,333/year (20% down) under the 36% back-end DTI rule.
Is PMI required on a $350,000 home in South Carolina?
PMI is required on conventional loans when your down payment is less than 20%. With 10% down on a $350,000 home, PMI adds approximately $223/month. Under the Homeowners Protection Act, your lender must automatically cancel PMI when your loan balance reaches 78% of the original purchase price — for this loan, that's around month 94 (~8 years). You can request cancellation earlier at 80% LTV.
Is $350,000 a realistic budget in South Carolina?
South Carolina's median home price is $305,800. A $350,000 budget is above the state median, which puts you in the upper half of the market. Inventory and competition vary significantly by metro area.
What is the difference between P&I and PITI on a $350,000 home?
P&I (principal and interest) is what lenders typically quote: $1,751/month on a $350,000 home in South Carolina with 20% down. PITI adds property taxes ($152/mo) and homeowners insurance ($207/mo), bringing the true all-in payment to $2,110/month — a difference of $359/month that lenders often bury in the fine print.
Can I get a lower rate than 6.4% in South Carolina?
Yes — the 6.4% rate used here is the Freddie Mac PMMS average and represents a well-qualified borrower. Borrowers with credit scores above 760, larger down payments, or who buy discount points can often secure lower rates. The CFPB recommends getting quotes from at least three lenders — even a 0.25% rate reduction saves approximately $16,200 over 30 years on this loan.
Related Resources
DTI Ratio Calculator
How lenders calculate what you can borrow
PMI Calculator
What mortgage insurance costs, and when it comes off
Down Payment Savings Calculator
How much you actually need, and how long it takes to save
FHA vs. Conventional Loans
True 30-year cost comparison with real numbers
Closing Costs Calculator
What you'll pay before the first mortgage payment
What to do with this number
You now know the true monthly payment on a $350,000 home in South Carolina is $2,110 — not just the $1,751 P&I lenders lead with. Here's how to act on it.
Payment feels high at this price?
See the true monthly cost of owning a home in South Carolina, including maintenance and utilities most buyers forget to budget for.
Want a lower payment?
Check down payment assistance programs in South Carolina before assuming you need 10–20% down saved up.
Ready to compare lenders?
Plug your real rate and credit profile into the mortgage calculator and request Loan Estimates from a few lenders.
Monthly payment estimates are for educational purposes. Actual costs depend on your credit score, specific loan terms, local tax assessments, and insurance quotes. Tax and insurance figures represent statewide averages and vary significantly by county and property. Rates are current as of 2026-06 and change daily. Use these estimates as a starting point, not a commitment. Consult a licensed mortgage professional before making borrowing decisions.