Closing Cost Estimation - Myrtle Beach SC
A useful rule of thumb: budget around 2% of the purchase price for closing costs, on top of your down payment.
On a recent Myrtle Beach purchase at $533,000, the buyer's closing costs came to $10,917 — just over 2% of the price. Expect the percentage to run higher on lower-priced homes, because several of these costs are fixed regardless of what you pay.
Keep in mind that costs can vary depending on the loan type you are using, the interest rate, and your home price. This is a great starting point, but your loan officer can give you an accurate closing cost once you've identified a particular property. Ask them for a Loan Estimate — it is a standardised form, so you can compare lenders line by line.
Note: It's always possible to ask the sellers to pay for a portion of the closing costs.
How Much Are Closing Costs in Myrtle Beach?
| Cost | Typical range |
|---|---|
| Administration or Loan Origination Fee | $1,625+ |
| Appraisal Fee | $500 |
| Credit Report Fee | $239 |
| Flood Certificate Fee | $5 |
| Tax Service Fee | $70 |
| Attorney Fees | $975 flat, or ~$1,445 itemized |
| Title Search | $200 – $400 |
| Lender's Title Insurance | $100+ |
| Owner's Title Insurance | 0.25% – 0.5% of price |
| Recording Fee | $50 |
| Prepaid Interest | $600 – $2,600 |
| Homeowners Insurance (full year) | $2,500+ |
| Homeowners Insurance escrow (3 months) | $625+ |
| HOA Fees at Closing | $300+ |
| Estimated total on a $350,000 home | $8,400 – $15,500 |
These figures are estimates provided as a general guide only. They are not a quote, an offer, or a guarantee of what any particular transaction will cost.
Actual closing costs vary with your lender, attorney, insurance carrier, loan type, purchase price, closing date and the community you buy in. Your lender's Loan Estimate and the Closing Disclosure you receive before settlement are the authoritative figures — always rely on those over anything shown here.
Ashley DeLong is a REALTOR®, not a lender, attorney, insurance agent or tax advisor. Please consult the appropriate professional for advice specific to your situation.
These are closing costs only and do not include your down payment. A full year of property tax is also prepaid into escrow, offset by a credit from the seller — roughly $2,037 at the 4% primary residence rate or $5,347 at the 6% second home rate on a $350,000 home inside the City of Myrtle Beach. Every figure is explained in detail below.
Each Cost Explained
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Lender / Mortgage Broker Fees: $2,439+
These are the charges from whoever originates your loan. They are usually itemized on the closing statement rather than shown as a single figure:
Typical Lender Charges
$2,439+
- Administration or loan origination fee$1,625
- Appraisal fee$500
- Credit report fee$239
- Tax service fee$70
- Flood certificate fee$5
Some lenders also charge points, a percentage of the loan amount paid up front. The appraisal is sometimes collected before closing rather than at settlement, so check whether a quote includes it or lists it separately.
-
Title Search: $200 - $400Required
Required before you can close on your property. The cost depends on the company used.
-
Lenders Title Insurance: $100+Required
Required with a loan, and far cheaper than most buyers expect. When the lender's policy is written at the same time as the owner's policy it qualifies for a simultaneous issue rate, which reduces it dramatically — often to around $100 rather than the several hundred it would cost on its own.
-
Owners Title InsuranceRequired with a loan
Required if you are financing the purchase, and highly recommended even if you are paying cash. It runs roughly 0.25% to 0.5% of the purchase price — about $875 to $1,750 on a $350,000 home. Fidelity National Financial publishes a rate calculator covering this area if you want an exact figure.
-
Attorney Fees: $975 - $1,445Required
In South Carolina it is mandatory you be represented by an attorney for any Real Estate transaction. These fees cover the legal work to get the loan closed.
Two billing models are common locally, and they are why quotes look so different:
Itemized
$1,445
- Attorney fee$595
- Title commitment & review$275
- Administrative fee$225
- Overnight / UPS$150
- Technology fee$100
- Loan coordination$100
Flat Fee
$975
One fee covering the whole closing, with no separate line items added at settlement.
The itemized model costs $470 more here — but its headline attorney fee is $595, which looks like the cheaper option next to a $975 flat fee. Ask which model an attorney uses and what the total will be, not just what the attorney fee is.
-
Recording Fees: $50
Paid to the county to record the deed and mortgage in the public record.
-
Homeowners Insurance: a full year plus 3 months
You pay a full year up front at closing and an additional 3 months into escrow, so the lender can keep paying the premium when it renews. Budget $2,500 or more for the year, which puts the closing figure nearer $3,125 once the escrow months are added.
Coastal premiums have risen sharply over the past five years, and quotes that looked typical even recently are well below what carriers are writing now. Get a quote early — on a coastal property the insurance number can change what you can afford, and it is better to know before you are under contract than after.
-
Prepaid Interest: $600 - $2,600
Interest covering the days between closing and the start of your first full mortgage month. It depends entirely upon the balance of the loan, the interest rate, and how close to the end of the month you close.
Closing near the end of a month means fewer days of prepaid interest. It is one of the few closing costs you can influence by choosing your closing date.
-
Prorated Property Taxes
A full year of property tax is prepaid into escrow at closing, calculated at the 4% primary residence rate or the 6% second home rate depending on how you will use the property. The gap between the two is the largest single variable in a Myrtle Beach closing:
Primary Residence — 4%
$2,037
- Assessed value$14,000
- Horry County52.1 mills
- City of Myrtle Beach83.4 mills
- School debt service10.0 mills
- School operationsexempt
Second Home — 6%
$5,347
- Assessed value$21,000
- Horry County52.1 mills
- City of Myrtle Beach83.4 mills
- School debt service10.0 mills
- School operations109.1 mills
On a $350,000 home inside the City of Myrtle Beach that is a difference of $3,310 a year. You then receive a credit from the seller covering the portion of the year they occupied the home, so the amount you actually fund at closing depends on your closing date. See Horry County Property Tax for the full calculation, or use the county's Tax Estimator for an exact figure on a specific property.
-
HOA Fees at Closing: $300+
Most Myrtle Beach communities collect fees at closing. These can include a new account setup or transfer fee plus dues paid in advance, and in some communities a capital contribution as well.
The range here is wide. A community charging a setup fee and a quarter of dues may come to a few hundred dollars, while one with a capital contribution can run into the thousands. Ask what a specific community charges before you make an offer — it is the least predictable item on this list.
South Carolina Requires an Attorney
This surprises buyers relocating from other states. South Carolina is an attorney closing state — you must be represented by an attorney for any real estate transaction here. It is not optional, and it is not something you can substitute with a title company as you might elsewhere.
The attorney handles the title work, prepares the closing documents and disburses the funds. Budget $450 to $600 for it, and choose your own rather than defaulting to whoever is suggested.
Let Me Be Your Guide
Closing costs are the part of a purchase that most surprises out-of-state buyers, because they arrive on top of the down payment and they are not all negotiable. Knowing the range before you make an offer means you can structure it properly — including asking the seller to cover a portion, which is often on the table.
Let me be your guide to purchasing a home in Myrtle Beach. Please refer to my Buying a Home page for greater detail about my process of helping you purchase the perfect home at the best possible price.
Frequently Asked Questions About Buyer Closing Costs
What percentage of the purchase price are closing costs?
Around 2% of the purchase price is a useful rule of thumb. On a recent Myrtle Beach purchase at $533,000 the buyer's closing costs came to $10,917, just over 2%. The percentage runs higher on lower-priced homes because several costs, such as lender and attorney fees, are fixed regardless of what you pay.
What do buyer closing costs total on a $350,000 home?
On a $350,000 home, buyer closing costs typically run from about $8,400 to $15,500, on top of the down payment. A full year of property tax is prepaid into escrow separately, offset by a credit from the seller. The exact figure depends on your loan type, interest rate and home price, and your loan officer can give an accurate estimate once you have identified a property.
Do I need an attorney to buy a home in South Carolina?
Yes. South Carolina requires that you be represented by an attorney for any real estate transaction. Some attorneys charge a flat fee, commonly around $975. Others itemize, which typically comes to about $1,445 across the attorney fee, title commitment and review, administrative fee, overnight delivery, technology fee and loan coordination.
Can the seller pay my closing costs?
It is always possible to ask the sellers to pay for a portion of the closing costs. Whether they agree depends on the property and the state of the market, and it is worth discussing before an offer is made.
Are any closing costs optional in South Carolina?
Very few. Attorney representation is mandatory in South Carolina, and the title search and lender's title insurance are required with a loan. Owner's title insurance is required if you are financing and highly recommended if you are paying cash. HOA fees at closing depend on the community rather than being negotiable.
What are prorated property taxes?
A full year of property tax is prepaid into escrow at closing, calculated at the 4% primary residence rate or the 6% second home rate depending on how you will use the property. You then receive a credit from the seller covering the portion of that year they occupied the home.
Do closing costs include the down payment?
No. Closing costs are separate from and additional to your down payment, which is why buyers should budget for both.
Every figure on this page is an estimate intended to help you plan. Your lender, attorney and insurance carrier will provide the actual numbers for your purchase.
Let's work together.
Want an accurate closing cost estimate for a specific property? Ashley DeLong can walk you through the numbers before you make an offer.
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