Mobile Home Mortgage Calculator

With 10 percent down, $90,000 is borrowed. At 7.5 percent for 20 years the principal and interest is $725.03 a month, and at 30 years it is $629.29. The payment table shows other rates and terms. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

With 5 percent down, the loan is $66,500. At 8 percent for 15 years the principal and interest is $635.51 a month, and at 20 years $556.23. Add tax, insurance and any lot rent for the total monthly cost. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Use the fixed-rate payment formula c = rP / (1 − (1 + r)^−N), where r is the annual rate divided by 12, P is the loan and N is the number of months. Wikipedia's example is $1,264.14 for $200,000 at 6.5 percent over 30 years. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

This calculator cannot say, because rates change and depend on the lender, the loan type, your credit and whether the home is treated as real or personal property. Wikipedia notes that manufactured home loan interest rates have historically been considerably higher. Get a quote and enter it. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

It depends on the lender and the loan. Wikipedia notes that loan terms were historically limited to less than the 30-year term typical for site-built homes. Ask lenders which terms they offer, and use the term box to compare 15, 20, 25 and 30 years. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

The calculator cannot say. Approval depends on the lender, the home, the land and your finances, and rules differ between loan types. Wikipedia notes that depreciation made these homes riskier collateral historically. Speak to lenders and a housing counsellor about your case. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

A mortgage finances a home as real property, usually attached to land you own. A chattel loan finances it as personal property, like a vehicle, often for a shorter term. The calculator uses the same payment formula for either, so enter the rate and term you are quoted. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

On a $90,000 loan at 7.5 percent for 20 years, an extra $100 a month pays it off in 184 months, 56 months early, and saves about $22,383.77 in interest. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

On the same $90,000 loan at 7.5 percent for 20 years, an extra $1,000 a month ends it in 64 months and saves about $64,742.82 in interest. Check your loan allows extra payments without a penalty. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Try values in the extra payment box and watch the payoff time. On a $90,000 loan at 7.5 percent for 30 years the payment is $629.29, and an extra $100 a month ends it in 237 months, about 10 years early. Your own loan will differ, so enter your figures. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

At 7.5 percent for 20 years, a principal and interest payment of $1,000 supports a loan of about $124,132.13. At 6.5 percent it is $134,125.00 and at 8.5 percent $115,230.84. Tax and insurance reduce this. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

The arithmetic favours paying sooner: interest is charged on the balance, so a lump sum early removes more interest than the same total spread out. This is not advice, because your cash, fees, penalties and other options matter too. Try both in the calculator. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

The calculator cannot advise on the amount. It shows the effect: on a $100,000 home at 7.5 percent for 20 years, 10 percent down gives $725.03 a month and 20 percent down gives $644.47. Lenders set their own minimums. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Enter the monthly lot rent, and the calculator adds it to the monthly total. A $450 lot rent on a payment of $900.03 brings it to $1,350.03. Lot rent is paid to the community, not the lender. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

The calculator adds yearly property tax and insurance divided by 12 to the principal and interest, as many escrow accounts do. Taxes and insurance for a home on rented land may differ, so enter the amounts you expect. Check what your lender includes. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

It is the annual rate divided by 12. A rate of 7.5 percent is 0.625 percent a month, or 0.00625. The payment formula uses it, and the number of months is the term in years times 12. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Multiply the monthly payment by the number of months and subtract the loan. On $90,000 at 7.5 percent for 20 years, $725.03 × 240 minus $90,000 is $84,008.13. A shorter term pays less interest. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

A shorter term has a higher payment but less total interest. On $90,000 at 7.5 percent, 15 years is $834.31 a month and $60,176.00 in interest, against $629.29 and $136,545.50 at 30 years. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Both words are used for factory-built homes. Wikipedia notes the HUD Code, the federal standards for manufactured homes, took effect on June 15, 1976. The calculator treats them the same, since the payment depends on the loan, not the name. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

No. It computes the payment from the price, down payment, rate and term, and adds the tax, insurance and lot rent you enter. Closing costs, mortgage insurance, fees and escrow rules vary by lender, so ask for a loan estimate and add them yourself. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Yes. The payment depends only on the price, down payment, rate and term. Rates and terms may differ for used homes and for older ones, so use the figures in your lender's quote. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

No. It is an educational payment estimate. It does not tell you which loan to take, whether to buy or how much you can afford. Speak to a qualified housing counsellor or lender about your own situation. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.

Enter the home price, down payment percentage, rate and term. Add yearly property tax and insurance, monthly lot rent and any extra monthly payment. The results show the loan, the payment, the monthly total, total interest and the payoff time. Enter your own price, rate and term in the calculator, and use the rate and fees in your lender's quote.