Mobile Home Loan Calculator
Use this Mobile Home Loan Calculator to find the estimated monthly payment on a mobile home loan.
What is the mobile home loan payment?
To calculate the monthly payment on a mobile home loan use the formula:
c = Monthly Payment
r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12
P = Principal Amount on the Loan
N = Total # of Months for the loan ( Years on the loan x 12)
Example: Monthly loan payment for 30 year fixed-rate loan,
with a principal of $250,000, and a yearly interest rate of 6.5%:
r = (6.5 / 100) / 12 = .005416667
P = 250,000
N = (30 x 12) = 360
The Monthly Loan Payment is $1580.17
Getting a Mobile Home Loan
There are several factors that can affect the price of a mobile home. These include the size of the lot, the quality of the construction, the amenities included, the distance from major cities, the proximity to water, and the overall cost of living in the area. You should also consider the type of financing you'll need to qualify for. Some lenders require a down payment while others allow you to finance the full amount. If you plan to rent out the space, you'll want to factor in the rental costs.
What Payment Can you Afford on your Mobile Home?
There are other costs involved in buying a mobile home that you may want to consider if you are looking for affordability. In addition to a mobile home loan, take into account factors such as property taxes or insurance on the property. If you're comparing the costs of renting and owning a mobile home, think about other costs you might not pay if you rent. Do you currently have to cover the cost of maintaining or repairing the property? Do you need to factor in the cost of lawn care? And what about the package fee or other charges? Here are some things to consider if you're considering buying a new mobile home.