South Carolina Mortgage Refinance Calculator

South Carolina is an attorney-closing state with some of the lowest property taxes in the country — an effective rate of around 0.55%. The state has no mortgage recording tax, keeping closing costs manageable. Markets like Charleston and Greenville have seen substantial appreciation, making equity-based refinancing increasingly relevant for SC homeowners.

Sample Refinance Scenario — South Carolina

Home Value$250,000

Loan Amount$200,000

Rate Drop1.0%

Monthly Savings~$133/mo

Est. Closing Costs~$5,000

Break-Even~38 months

Refinance Closing Costs in South Carolina

Cost Item	Typical Range	Notes
Attorney Fee	$500 – $1,000	Required by state law
Lender Origination Fee	$800 – $2,000	~1% of loan; negotiable
Appraisal	$400 – $600	Required for most refinances
Title Insurance	$500 – $900	Lender's policy required
Recording Fees	$20 – $45	Paid to county; no state mortgage tax
Prepaid Interest / Escrow	$400 – $900	Varies by closing date
Estimated Total	$3,000 – $6,000	On a $200,000 loan (~1.5%–3%)

South Carolina Refinance Highlights

Factor	Detail	Status
Attorney Required at Closing	Yes — lender's attorney conducts closing	Attorney Required
Mortgage Instrument	Mortgage (judicial foreclosure state)	Mortgage State
State Recording Tax	None	No Extra Cost
Property Tax Rate	~0.55% effective rate — one of the lowest in the US	Very Low
Community Property State	No	Standard
Owner-Occupied Assessment	4% of fair market value (vs. 6% investment)	Homeowner Benefit

When to Refinance in South Carolina

South Carolina's low property taxes keep total housing costs manageable, so many SC homeowners evaluate refinancing primarily based on interest rate savings. On a $200,000 loan, a 1% rate reduction saves about $133/month — clearing $5,000 in closing costs in roughly 38 months.

Charleston and Greenville equity: Both metros have seen 30–50% appreciation since 2020. Cash-out refinancing to fund home improvements or eliminate PMI is a strong use case.
Retirement relocation: SC exempts Social Security and a portion of retirement income from state taxes, drawing in-migrants who often refinance upon purchase.
ARM to fixed conversion: Homeowners who used adjustable-rate mortgages to enter high-priced coastal markets now face rate resets and are refinancing to fixed loans.
PMI removal: With rapid appreciation, many buyers who put down less than 20% have reached 20% equity sooner than expected, making a refinance to eliminate PMI worthwhile.

Frequently Asked Questions

Is South Carolina an attorney-closing state?

Yes. South Carolina requires a licensed attorney to conduct mortgage closings. The attorney represents the lender, reviews title, prepares closing documents, and disburses funds. Attorney fees typically run $500–$1,000 and are included in your closing costs. You may hire your own attorney separately if you choose additional representation.

What are typical refinance closing costs in South Carolina?

Refinance closing costs in South Carolina typically run 1.5%–3% of the loan amount. On a $200,000 loan, expect $3,000–$6,000. Key items include the attorney fee ($500–$1,000), origination fee (~1%), appraisal ($400–$600), and title insurance (~0.4%). South Carolina has no statewide mortgage recording tax, keeping costs lower than many East Coast states.

How low are property taxes in South Carolina?

South Carolina has one of the lowest effective property tax rates in the US — approximately 0.55% of home value annually. On a $250,000 home, that's roughly $1,375 per year. The state also offers a 4% assessment ratio for owner-occupied primary residences (vs. 6% for investment properties), which significantly reduces the taxable value for homeowners.

What is driving home price growth in Charleston and Greenville?

Both markets have benefited from strong in-migration from the Northeast and Midwest, low property taxes, no state income tax on retirement income, and growing tech and manufacturing sectors. Charleston's coastal appeal and Greenville's BMW and Michelin industrial base have drawn both retirees and working-age relocators, pushing median prices well above the state average.

Does SC Housing offer refinance assistance programs?

SC Housing (South Carolina State Housing Finance and Development Authority) primarily administers programs for first-time homebuyers and low-to-moderate income households. Existing SC Housing loan holders with FHA-backed mortgages may be eligible for FHA streamline refinances without a full new application. SC Housing does not operate a standalone conventional refinance program, but borrowers who originally used SC Housing assistance should contact SC Housing at schousing.com or call 803-896-9001 to confirm available options. SC Housing also funds free HUD-approved housing counseling that can help evaluate the financial benefits of refinancing before committing to closing costs.

How does coastal hurricane and flood risk affect refinancing in South Carolina?

South Carolina's coastal counties — Horry (Myrtle Beach), Georgetown, Charleston, Beaufort, and Jasper — face significant hurricane and flood exposure. Homeowners in designated FEMA flood zones are required to carry flood insurance, which typically runs $1,000–$4,000/year through NFIP or private carriers. Properties on barrier islands or in coastal areas below the base flood elevation may face substantially higher premiums. Lenders factor flood insurance into PITI during refinance underwriting — high flood insurance costs can push DTI above qualification thresholds even when the rate environment is favorable. Additionally, wind/hurricane endorsements for homeowner's insurance in the coastal zone can add $2,000–$5,000/year. Factor both costs into your total payment estimate when running break-even analysis.

What Makes South Carolina Different for Refinancing

South Carolina's mandatory attorney-closing requirement, very low property taxes, coastal insurance costs, and bifurcated market between coastal resort areas and Upstate manufacturing cities create a distinctive refinance environment. Here are the most important factors for South Carolina borrowers.

Attorney-closing is mandatory — budget $500–$1,000 for this line item. South Carolina law requires a licensed attorney to conduct all mortgage closings. Unlike many states where a title company handles the process, South Carolina attorneys review title, prepare closing documents, and disburse funds. The attorney represents the lender, not the borrower — borrowers may hire their own attorney separately for an additional cost. Attorney fees vary by firm but typically run $500–$1,000 for a standard refinance. This fee is non-negotiable from a legal standpoint, though borrowers can shop among different closing attorneys to find competitive fees.

South Carolina's 4% owner-occupant assessment ratio is one of the best in the country. South Carolina taxes owner-occupied primary residences at a 4% assessment ratio, versus 6% for investment properties and second homes. This reduces the assessed value used to calculate property taxes — on a $250,000 home, the effective taxable value is $10,000 (4% of $250,000) rather than $15,000 (6%). Combined with local millage rates, South Carolina's effective property tax rates (roughly 0.55% statewide) are among the lowest in the Southeast, which keeps monthly PITI costs lower relative to comparable states. This helps borrowers maintain DTI ratios within qualification limits.

Upstate South Carolina has become a major manufacturing hub. Greenville-Spartanburg's BMW, Michelin, and expanding logistics sector have made Upstate SC one of the fastest-growing industrial economies in the South. This has driven steady wage growth and in-migration, supporting home value appreciation and equity growth for existing homeowners. Borrowers in the Greenville-Spartanburg corridor who purchased before 2018 may have significant equity from appreciation that makes cash-out refinancing attractive for home improvements or debt consolidation.

How to Use the Calculator for a South Carolina Loan

The RefinanceUSA calculator returns monthly P&I savings and break-even from your loan balance, current rate, new rate, and total closing costs. For a South Carolina refinance, use these inputs:

Attorney fee: South Carolina requires a licensed attorney at every mortgage closing. Attorney fees typically add $600–$1,000 to closing costs. Confirm the fee is clearly itemized in your lender’s Loan Estimate before entering the total into the calculator.

Break-Even Example — Charleston Area, $290,000 Loan

Rate Drop

0.875%

Monthly Savings

~$211

Est. Closing Costs

$4,000–$7,000

Break-Even

~44 months

Homeowners planning to stay 5+ years in the Charleston area typically find a 0.875% rate drop worthwhile at this loan size.

P&I vs. total payment: The calculator produces principal-and-interest savings only. Add your monthly property tax escrow (annual bill ÷ 12) and homeowner’s insurance (÷ 12) to estimate your true total payment change. These do not change with refinancing.

For the full refinancing process, see the 10-step refinance guide. To evaluate whether your rate drop justifies the costs, see the 1% refinance rule.

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Sources & References

Disclaimer: All examples use simplified estimates for educational purposes. Actual closing costs, attorney fees, and savings vary by lender, county, and loan profile. South Carolina attorney requirements and property tax rules should be verified with a licensed SC mortgage professional. RefinanceUSA is not a lender or financial advisor.