Charleston Mortgage Calculator

Use our free Mortgage Calculator to estimate your monthly home loan payments, including principal, interest, taxes, and insurance (PITI). Whether you're a first-time buyer or refinancing your current home, this tool helps you understand your true monthly cost—and plan with confidence.

🔢 How to Use the Mortgage Calculator

Just plug in the following:

• Home Price – The price of the property you want to purchase.

• Down Payment – The amount you plan to put down upfront (in dollars or %).

• Loan Term – Usually 15, 20, or 30 years.

• Interest Rate – The annual interest rate offered by your lender.

• Property Taxes – Estimate your annual local property taxes.

• Homeowners Insurance – Your estimated annual insurance cost.

• HOA Fees – If applicable, monthly homeowners association dues.

💡 What Does a Mortgage Payment Include?

A standard monthly mortgage payment has four parts, often called PITI:

1. Principal – The amount you borrow (home price minus down payment).

2. Interest – The lender’s fee for letting you borrow money.

3. Taxes – Property taxes, usually collected monthly and paid by your lender.

4. Insurance – Homeowners insurance, often bundled into your payment.

🧮 How Is Your Mortgage Payment Calculated?

At its core, mortgage payments are calculated using this formula:

M = P[r(1+r)^n] / [(1+r)^n – 1]

Where:

• M = monthly payment

• P = principal loan amount

• r = monthly interest rate (annual rate ÷ 12)

• n = number of payments (loan term in months)

Our calculator handles this math for you, while also factoring in taxes, insurance, and HOA fees for a more realistic estimate.

📉 Historical U.S. Mortgage Rates at a Glance

Before you run the numbers in our mortgage calculator, it’s helpful to understand where today’s mortgage rates stand in a historical context. The chart below, powered by the Federal Reserve Bank of St. Louis (FRED), shows the average 30-year fixed mortgage rate in the U.S. over time. From double-digit highs in the 1980s to record lows in 2020, this data highlights just how much rates can impact borrowing costs.

🏠 Charleston Home Prices Over Time

Curious how Charleston’s housing market has changed over the years? The chart below shows the All-Transactions House Price Index for the Charleston-North Charleston metro area, as tracked by the Federal Housing Finance Agency (FHFA) and visualized by the Federal Reserve Bank of St. Louis. This index reflects the overall trend in home values — giving you a sense of how real estate prices have grown (or dipped) over time in the Lowcountry.

❓ Frequently Asked Questions

What is a good mortgage interest rate in today’s market?

Mortgage rates fluctuate based on the economy, inflation, and Fed policy. As of [current date], a competitive rate might range from 6.5% to 7.5% for a 30-year fixed loan, depending on credit score and down payment.

How much house can I afford?

A general rule: your monthly mortgage payment (including taxes and insurance) should be no more than 28–30% of your gross monthly income.

What credit score do I need for a mortgage?

Most conventional loans require a credit score of at least 620, but higher scores get better rates. FHA loans may accept lower scores with a larger down payment.

What are points and how do they affect my rate?

Mortgage points are fees you pay upfront to reduce your interest rate. One point typically costs 1% of the loan amount and can reduce your rate by about 0.25%.

What’s the difference between pre-qualified and pre-approved?

• Pre-qualification is an estimate based on self-reported info.

• Pre-approval means a lender has reviewed your credit, income, and documents for a more serious offer.

How do property taxes and insurance affect my monthly payment?

Both are collected by your lender and stored in an escrow account. They can significantly impact your monthly payment—especially in areas with high tax rates or insurance premiums.

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_{This newsletter & site is intended for informational purposes only and should not be interpreted as investment, legal, or tax advice. The views and opinions expressed are those of the author alone and do not necessarily represent the views of any business, employer, or affiliated entity. Investing carries inherent risks, including the possible loss of principal. Past performance is not indicative of future results. Readers are encouraged to conduct their own research and seek advice from qualified professionals before making any investment, legal, or financial decisions. While the information provided is believed to be accurate, no guarantee is made as to its completeness or reliability. The author and publisher disclaim any liability for decisions made or actions taken based on the content of this newsletter. This publication does not constitute an offer to buy or sell any security. Some of the links included in this newsletter may be affiliate links, meaning the author could earn a commission if you click through and make a purchase or sign up. By subscribing to or continuing to read this newsletter, you acknowledge and agree to these terms and conditions.}