Case 1
- Purchase price
- 95000
- Deposit
- 9500
- Annual interest rate
- 8.75%
- Term in years
- 20
755.57
Open with these valuesManufactured Home Loan Calculator
Change any value to update the result.
755.57
Monthly payment: 755.57Personal inputs stay on this device. Sharing sends the calculator page without these values.
Examples
How the result moves
Term in years → Monthly paymentYour current valid inputs, with one value varied across the range.
How the result moves
Held fixed: Purchase price 95,000.00, Deposit 9,500.00, Annual interest rate 8.750 %.
| Term in years | Monthly payment |
|---|---|
| 18 | 787.36 |
| 20Your value | 755.57 |
| 22 | 730.79 |
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.
Worked examples
Case 2
- Purchase price
- 120000
- Deposit
- 0
- Annual interest rate
- 7.5%
- Term in years
- 30
839.06
Open with these valuesCase 3
- Purchase price
- 60000
- Deposit
- 0
- Annual interest rate
- 10.5%
- Term in years
- 15
663.24
Open with these valuesHow it's calculated
payment = P · i / (1 − (1 + i)^−n)
- StepEnter the purchase price and your deposit.Purchase price=95,000·Deposit=9,500
- StepAdd the annual interest rate you were quoted.Annual interest rate=8.75%
- StepSet the term in years.Term in years=20
- ResultRead the payment; lot rent, insurance and tax are not included.755.57
What this number means
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.
Closer to a car loan than to a mortgage
A manufactured home on rented land is usually financed as personal property rather than as real estate. That is why the rate sits nearer a car loan than a mortgage.
The lot rent is not in this figure
The payment covers principal and interest only, alongside insurance, tax and utilities. On rented land the lot rent can rival the payment itself.
The deposit comes straight off the loan
Without the 9500 deposit the same purchase costs 839.53 a month instead of 755.57. Over the term that is 106486.04 in interest instead of 95837.44.
Commonly misread
MisconceptionThe interest cannot come to more than the amount I borrowed.
CorrectionOver twenty years at 8.75 % the 85500 borrowed costs 95837.44 in interest. Long terms at mid-range rates do exactly that.
MisconceptionA shorter term only means paying more each month.
CorrectionCutting the default twenty years to fifteen raises the payment to 854.53 and cuts the interest to 68315.15. The payment rises, the total cost falls.
MisconceptionThe monthly payment is what the home will cost me.
CorrectionIt is principal and interest only. Lot rent, insurance, tax and utilities all sit outside it.
Questions
How is the payment calculated?
The price minus the deposit is spread over the term at one twelfth of the annual rate. At 95000 with 9500 down and 8.75 % over twenty years that is 755.57 a month.
Why is the total interest more than I borrowed?
Over twenty years at 8.75 % the 85500 borrowed costs 95837.44 in interest — more than the loan itself. Long terms and mid-range rates do that; the interest total, not the payment, is what shows it.
How much does a deposit help?
It comes straight off the amount borrowed. Without the 9500 deposit the same purchase costs 839.53 a month instead of 755.57, and 106486.04 in interest instead of 95837.44.
What terms can I calculate?
One to thirty years. Shortening the default from twenty years to fifteen raises the payment to 854.53 and cuts the interest to 68315.15.
Is the lot rent included?
No. The payment is principal and interest only — lot rent, insurance, tax and utilities are all outside it, and on rented land the lot rent can rival the payment.