Free tool · Charleston

First-time buyer calculator.

The down payment is the number everyone talks about. It is the smaller half of what you actually need on closing day.

South Carolina has no tax on the new mortgage, so there is no intangible tax line here. A South Carolina closing must be supervised by a licensed attorney, which is why attorney fees appear. Property tax escrow uses the 4 percent legal residence ratio and the millage you enter.

Cash needed at closing
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An estimate, not advice. Brian will run your exact numbers on your own address.

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Questions about this

Do I really need 20 percent down in South Carolina?

No. Conventional loans go to 3 percent down for qualifying first-time buyers, FHA to 3.5 percent, and VA and USDA to zero for those who qualify. Below 20 percent you pay mortgage insurance, which is a real monthly cost, but waiting years to reach 20 percent in a rising market has its own price.

What should a first-time buyer file after closing in South Carolina?

The legal residence application with the county assessor, so the home is taxed at 4 percent rather than 6 percent and is exempt from the school operating millage. It is the single most valuable form a Charleston first-time buyer fills in, and it is not automatic when you buy.

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