Related Loan & Housing Calculators

Understanding Mobile & Manufactured Home Loans

Financing a manufactured or mobile home can be different from a traditional home mortgage. The type of loan you get often depends on whether you own the land the home sits on.

There are two primary types of loans:

• 1. Chattel Loan: This is the most common type of loan for mobile homes, especially if you are placing the home in a community or on land you do not own. It's essentially a personal property loan, similar to one for a car or RV. Chattel loans typically have higher interest rates and shorter terms than traditional mortgages.
• 2. Traditional Mortgage: If you own the land and the home is permanently affixed to it as "real property," you may qualify for a traditional mortgage (including FHA, VA, or conventional loans). These loans generally offer lower interest rates and longer terms, resulting in a lower monthly payment.

How to Use the Mobile Home Loan Calculator

1. Enter Purchase & Loan Details: Input the home price, your down payment, the annual interest rate, and the loan term in years.
2. Add Ongoing Costs: Enter the estimated annual property taxes (or chattel tax) and the monthly lot rent if you do not own the land.
3. Calculate: See your estimated total monthly payment, including the P&I (Principal & Interest) and other housing costs.

Frequently Asked Questions (FAQ)