Mortgage Calculator & Amortization
Calculate your monthly payment, view detailed amortization schedules, and understand the full cost of homeownership in coastal Carolina.
Loan Details
Include Taxes & Costs Below
Monthly Payment Breakdown
| Component | Monthly | Total |
|---|---|---|
| Mortgage Payment | $0 | $0 |
| Property Tax | $0 | $0 |
| Home Insurance | $0 | $0 |
| Total Out-of-Pocket | $0 | $0 |
Amortization for Mortgage Loan
Amortization is paying off debt over time in equal installments. As the term of your mortgage loan progresses, a larger share of your payment goes toward paying down the principal until the loan is paid in full at the end of your term.
Amortization Schedule
| Year | Date | Interest | Principal | Ending Balance |
|---|
Understanding Your Myrtle Beach Mortgage
At Deluxe Art Homes, we believe informed buyers make confident decisions. Learn the key factors that shape your mortgage payment and total homeownership costs in coastal South Carolina.
Down Payment Strategy
Your 20.0% down payment of $80,000 directly influences your monthly payment and loan costs. In Myrtle Beach's competitive market, a 20% down payment eliminates Private Mortgage Insurance (PMI), potentially saving you hundreds monthly and thousands annually.
Deluxe Art Homes Insight: Excellent! Your 20.0% down payment eliminates PMI, saving you hundreds monthly. This larger down payment also reduces your loan amount to $0.
Interest Rate Impact
Your current 6.287% interest rate means you'll pay $0 in total interest over 30 years. A mere 0.5% difference on your $400,000 Myrtle Beach home could mean paying tens of thousands more or less over the loan term. Current market rates fluctuate based on Federal Reserve policy, economic conditions, and your credit profile.
South Carolina Advantage: At 6.287%, your monthly principal & interest payment is $0. Our trusted lending partners offer competitive rates for coastal Carolina properties—getting pre-qualified early can lock in favorable terms before rates shift.
Loan Term Selection
Your 30-year loan term means you'll make 360 monthly payments of $0 (principal & interest), with a payoff date of N/A. The 30-year fixed-rate mortgage dominates the U.S. market (70-90% of all mortgages), offering predictable payments and maximum monthly cash flow.
Build Equity Faster: Switching to a 15-year term would increase your monthly payment but could save you significant interest. Your 30-year term builds equity steadily while keeping monthly payments manageable for your Myrtle Beach home.
Myrtle Beach Property Costs
Property Taxes in Horry County
Your property tax rate of 1.2% annually means $0 monthly ($$0 annually) on your $400,000 home. South Carolina property taxes average around 1.2% annually, lower than the national average of 1.1%. Horry County's efficient tax structure makes Myrtle Beach homeownership more affordable compared to other coastal markets.
Homeowner's Insurance
Your homeowner's insurance of $1,500 annually ($0 monthly) covers comprehensive protection for your $400,000 home. Coastal Carolina properties require comprehensive coverage including wind, flood, and hurricane protection. Deluxe Art Homes builds with superior materials and modern construction techniques that may qualify you for insurance discounts.
HOA & Maintenance
Many Myrtle Beach communities feature HOA fees covering amenities like pools, landscaping, and security. Budget 1% of property value (approximately $4,000 annually) for routine maintenance—coastal homes require proactive care to combat salt air and humidity. Our homes are designed for durability and lower long-term upkeep costs.
Smart Payoff Strategies
Extra Principal Payments
With your monthly payment of $0, adding just $100-200 extra monthly toward principal can shave years off your mortgage and save tens of thousands in interest. Early in your 30-year term, most payments cover interest; extra principal payments accelerate equity building on your $0 loan balance faster.
Biweekly Payment Plans
Paying $0 every two weeks (half your $0 monthly payment) results in 26 half-payments (13 full payments) annually instead of 12. This extra payment yearly can reduce your 30-year mortgage by several years, saving significant interest without dramatically changing your budget.
Strategic Refinancing
When rates drop below your current 6.287% or your credit improves, refinancing can accelerate payoff and reduce total cost. For your $0 loan, closing costs typically range from $0 to $0 (2-5% of loan amount). Our team can connect you with lenders who specialize in coastal Carolina refinancing options to help you determine if refinancing makes financial sense.
Deluxe Art Homes: Your Myrtle Beach Mortgage Partner
Understanding mortgage components empowers you to make confident decisions about coastal Carolina homeownership. Whether you're buying your primary residence, vacation retreat, or investment property in Myrtle Beach, our calculator helps you visualize the true cost of ownership over time.