15-Year Fixed Mortgage Refinance Interest Rates in Charleston, SC
Explore 15-year fixed mortgage refinance rates in Charleston, SC over time.
5.850%5.85%
5.854%5.85%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Charleston, South Carolina
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in SC, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
What refinancing looks like in Charleston at today's rates
The median home in Charleston costs about $1,167,600. Refinancing a typical balance of $934,080 (80% of that value) at today's average 15-year fixed rate in South Carolina of 5.85% works out to roughly $7,807/month in principal and interest, with $471,144 of total interest over the 15-year term.
Here is how the monthly payment and break-even point change if you wait for (or negotiate) a lower rate, assuming closing costs of $23,352 (2.5% of the loan):
| Rate | Monthly P&I | Monthly savings | Break-even |
|---|---|---|---|
| 5.85% (today) | $7,807 | — | — |
| 5.60% (−0.25%) | $7,682 | $125/mo | 187 months |
| 5.35% (−0.50%) | $7,558 | $249/mo | 94 months |
| 5.10% (−0.75%) | $7,435 | $372/mo | 63 months |
| 4.85% (−1.00%) | $7,314 | $493/mo | 48 months |
Estimates use principal and interest only and today's average South Carolina rate; they exclude taxes, insurance, and rate differences from credit score or loan size.
Weighing the term itself? At today's South Carolina average 30-year fixed rate of 6.75%, the same $934,080 balance costs $6,061/month over 30 years — $1,746/month less than the 15-year fixed option, at the cost of $776,703 more interest over the life of the loan.
How Much Can I Save with a 15-Year Refinance in Charleston?
On Charleston's high-value homes ($1,167,600 median), 15-year refinance savings are substantial. Refinancing $934,080 from 30-year (7%) to 15-year (6.5%) saves $772k in total interest. Your monthly payment increases $1,923, but you own your home outright in half the time. With 15.2% appreciation, accelerated equity building compounds wealth faster.
What's the Payment Increase for 15-Year Refi in Charleston?
Refinancing $934,080 in Charleston from 30-year to 15-year increases P&I from $6,214 to $8,137/month-a $1,923 jump. Including $555/month property tax (0.57%), your total PITI rises from $6,919 to $8,842. Affordability rule: keep housing costs below 28% of gross income. For a $8,842 payment, you'd need approximately $378,943/year income.
How Do Mortgage Interest Deductions Work on 15-Year Refis in Charleston?
15-year mortgages pay less total interest, reducing tax deductions but building wealth faster. On a $934,080 15-year loan at 6.5%, year-one interest is approximately $60,715-but you can only deduct interest on the first $750k of principal. At 35% tax rate, you save around $17k in taxes year one. Yes, you'll lose some deductions compared to 30-year, but you'll save $772k in actual interest paid. Consult a CPA about Charleston's 0.57% property tax deductions under SALT cap.
Is a 15-Year Jumbo Refinance Available in Charleston?
Yes — 15-year jumbo refinances are available for higher-value properties in Charleston (any loan above $1,249,125 in this area). While the median home here is $1,167,600, many homeowners carry larger mortgages. Requirements: 740+ credit, 25% equity, 12-month reserves, and a low DTI. 15-year jumbo rates are often competitive with conforming rates because the shorter term reduces lender risk.
Accelerate Equity with a 15-Year Refinance in Charleston
Because Charleston prices are so high, you are likely dealing with Jumbo Loan territory. Refinancing requires a healthy Loan-to-Value (LTV) ratio.
With values appreciating at nearly 17.6%, your home is worth drastically more today than last year. This drops your LTV naturally. If you own a historic property downtown and need to fund preservation or renovations, this massive equity gain is your ticket to a low-rate cash-out refinance.
Property Tax Tip for Charleston Homeowners
Even with a low rate, a $1M+ valuation means your tax bill matters. Make sure your refinance lender correctly applies the state's 4% primary residence assessment ratio so your escrow isn't accidentally overcharged!
South Carolina Refinance Programs for Charleston Residents
SC Housing runs the local "Palmetto Heroes" program. If you are a teacher, nurse, or first responder who manages to snag an affordable property in the greater Charleston area, this program offers reduced fixed interest rates that beat the national averages.
How Charleston compares across South Carolina
Median home prices vary widely across South Carolina, which changes what a typical refinance costs. Here is the estimated monthly principal and interest on a median-priced home (80% loan-to-value) at today's average 15-year fixed rate of 5.85%:
| City | Median home price | Est. monthly P&I | vs. Charleston |
|---|---|---|---|
| Charleston | $1,167,600 | $7,807 | — |
| Greenville | $493,700 | $3,301 | −$4,506/mo |
| Summerville | $278,100 | $1,859 | −$5,948/mo |
| Columbia | $234,500 | $1,568 | −$6,239/mo |
Estimates use each city's median home price with the same statewide average rate; actual quotes vary by lender, credit profile, and loan size.