Manufactured Home Loan Calculator

The payment shown is principal and interest only. A manufactured home on rented land is usually financed as personal property rather than as real estate, which is why the rate is closer to a car loan than to a mortgage.

This page works out what a manufactured home costs each month once it is financed: the purchase price less the deposit, spread over the term at one twelfth of the annual rate. The monthly figure is the one most buyers ask for, but the total it adds up to is the one that decides whether the deal is a good one. The arithmetic runs in a single step. On the values the page starts with — 95,000 at 8.75 percent over twenty years with 9,500 down — 85,500 is borrowed and the payment settles at 755.57. Multiply that by the 240 months and 181,337.44 goes back to the lender, of which 95,837.44 is interest: more than the sum borrowed in the first place. That is what a long term at a mid-range rate does, and only the interest total shows it, because the payment itself looks reasonable throughout. Shortening the term to fifteen years raises the payment to 854.53 and cuts the interest to 68,315.15. What the figure does not contain is everything except principal and interest — lot rent, insurance, tax and utilities all sit outside it. The rate is the thing to watch. A manufactured home on rented land is usually financed as personal property rather than as real estate, which is why it prices nearer a car loan than a mortgage, and on rented land the lot rent can rival the payment shown here.