15-Year Fixed Mortgage Refinance Interest Rates in Florence, SC
Explore 15-year fixed mortgage refinance rates in Florence, SC over time.
6.105%6.11%
6.100%6.10%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Florence, 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 Florence at today's rates
The median home in Florence costs about $209,200. Refinancing a typical balance of $167,360 (80% of that value) at today's average 15-year fixed rate in South Carolina of 6.11% works out to roughly $1,422/month in principal and interest, with $88,562 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 $4,184 (2.5% of the loan):
| Rate | Monthly P&I | Monthly savings | Break-even |
|---|---|---|---|
| 6.11% (today) | $1,422 | — | — |
| 5.86% (−0.25%) | $1,399 | $23/mo | 182 months |
| 5.61% (−0.50%) | $1,377 | $45/mo | 93 months |
| 5.36% (−0.75%) | $1,355 | $67/mo | 63 months |
| 5.11% (−1.00%) | $1,333 | $89/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 6.97%, the same $167,360 balance costs $1,110/month over 30 years — $312/month less than the 15-year fixed option, at the cost of $143,667 more interest over the life of the loan.
How Much Interest Can I Save with a 15-Year Refinance in Florence?
Substantial savings in Florence's stable market. Refinancing $167,360 from 30-year at 7% to 15-year at 6.5% cuts total interest from $233k to $95k-saving $138k over the loan's life. You'll pay more monthly ($345 increase), but every extra dollar goes to principal, not interest. With Florence's 3.8% steady appreciation, you'll own your home outright in 15 years with significant equity gains from both paydown and market growth.
Should I Refinance to 15-Year or Stay in 30-Year in Florence?
Refinance to 15-year in Florence if you can comfortably afford $345/month more. Your total PITI payment (including $99/month property tax at 0.57%) rises from $1,362 to $1,707. Benefits: $138k interest savings, debt-free in 15 years, forced savings plan. Stay in 30-year if: you prefer payment flexibility, invest extra cash at higher returns, or want emergency fund cushion. With Florence's 3.8% appreciation, both options build equity.
What's My Break-Even on a 15-Year Refinance in Florence?
Break-even analysis differs for 15-year refis. With $4,184 closing costs and $138k total interest savings, you "profit" as long as you keep the loan beyond 5 months. However, the real value isn't monthly cash flow-it 's accelerated equity. In Florence, each year of a 15-year mortgage builds approximately $110,458 in principal equity plus $7,950 in market appreciation. You're debt-free 15 years faster.
Can I Afford a 15-Year Refinance in Florence?
Calculate your debt-to-income ratio. Lenders prefer DTI below 43% for 15-year mortgages. On Florence's $209,200 median home, your $1,458/month P&I plus $99 property tax plus $150 insurance = $1,707total. To qualify comfortably, you'd need household income around $73,157/year (assuming 28% housing ratio). Benefits if you qualify: own home in 15 years, $138k interest savings, rapid equity building in Florence's 3.8% appreciation market.
Accelerate Equity with a 15-Year Refinance in Florence
Your Loan-to-Value (LTV) measures how much you owe versus what the home is worth.
If you bought your Florence home with a small down payment, you are likely paying Private Mortgage Insurance (PMI) every single month. Because your home's value has skyrocketed so quickly, your equity has naturally grown. Refinancing into a Conventional loan now lets you use that new equity to drop your LTV below 80% and eliminate that PMI payment entirely.
Property Tax Tip for Florence Homeowners
Focus your refinance strategy entirely on securing the lowest possible interest rate or using a cash-out refinance to consolidate high-interest debt.
State & Local Assistance in Florence
Leverage SC Housing. Their programs are designed to help you cover the upfront costs of securing a better, more affordable long-term fixed rate in the Pee Dee region.
How Florence 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 6.11%:
| City | Median home price | Est. monthly P&I | vs. Florence |
|---|---|---|---|
| Florence | $209,200 | $1,422 | — |
| Columbia | $234,500 | $1,594 | +$172/mo |
| Sumter | $140,700 | $956 | −$466/mo |
| Summerville | $278,100 | $1,890 | +$468/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.