Mobile Home Mortgage Calculator
Calculate the monthly loan payment on a manufactured home by using this Mobile Home Mortgage Calculator.
Calculate Mobile Home Payment
To calculate the monthly payment on a mortgage 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 mortgage 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 Mortgage Payment is $1580.17
Financing a Mobile Home
There are a number of factors that can help shape the potential mobile home mortgage you may get. Finance institutions will look at qualifying items like your credit score, credit history, your income history, the age and condition of the mobile home, location, and current market rates. This calculator will help you understand how much you can afford for a monthly payment on a mobile home loan. There are many other factors you may want to take into account if you're looking to purchase a mobile home.
How Much Can I Afford on a Mobile Home?
There are other costs associated with purchasing a mobile home that you may want to take into account if you're looking at affordability. In addition to the mobile home loan, take things into account like property taxes or insurance on the property. If you're comparing costs between renting and owning a mobile home, think about the other costs that you may not be covering if you're renting. Do you currently have to cover the costs for maintaining the property, or fixing things? Do you need to take into account lawncare costs? And, what about lot fees, or other costs? These are some things to think about if you're looking to purchase a new mobile home.