var loanTermSlider = document.getElementById("loanTerm");
var loanTermValueSpan = document.getElementById("loanTermValue");
loanTermSlider.oninput = function() {
loanTermValueSpan.innerHTML = this.value;
}
Estimated Monthly Payment
$0.00
Understanding Your Mobile Home Loan Calculation
Financing a mobile home involves unique considerations. A mobile home loan calculator helps you estimate your potential monthly payments, making it easier to budget and compare loan offers. This calculator uses a standard loan amortization formula to provide an estimate.
How it Works
The calculation is based on the following key inputs:
Mobile Home Price: The total cost of the mobile home.
Down Payment: The upfront amount you pay, reducing the loan principal.
Loan Term (Years): The duration over which you'll repay the loan. Longer terms usually mean lower monthly payments but higher total interest paid.
Annual Interest Rate: The yearly percentage charged by the lender. This is a crucial factor in determining your total repayment amount.
The Math Behind the Estimate
The calculator employs the standard annuity formula to determine the monthly payment (M):
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal Loan Amount (Home Price - Down Payment)
n = Total Number of Payments (Loan Term in Years * 12)
The calculator first determines the loan principal by subtracting your down payment from the home price. It then converts the annual interest rate to a monthly rate and the loan term in years to the total number of months. Finally, it plugs these values into the formula to output the estimated monthly principal and interest payment.
Important Considerations for Mobile Home Loans
Mobile home loans can differ from traditional mortgages. Some factors that might affect your actual loan offer include:
Type of Mobile Home: Loans for factory-built homes (HUD-code compliant) are often more straightforward than those for older, non-certified mobile homes.
Land Ownership: Loans may vary depending on whether you own the land the mobile home will be placed on, or if you will rent a lot in a mobile home park.
Credit Score: Your creditworthiness significantly impacts the interest rate and terms you'll be offered.
Lender Fees: Origination fees, closing costs, and other charges can add to the overall cost of the loan. This calculator estimates only the principal and interest payment.
Use this calculator as a starting point for your financial planning. For precise figures and loan options, consult with a qualified mobile home lender.
function calculateLoan() {
var homePrice = parseFloat(document.getElementById("homePrice").value);
var downPayment = parseFloat(document.getElementById("downPayment").value);
var loanTerm = parseInt(document.getElementById("loanTerm").value);
var annualInterestRate = parseFloat(document.getElementById("interestRate").value);
var loanAmount = homePrice - downPayment;
var monthlyInterestRate = (annualInterestRate / 100) / 12;
var numberOfPayments = loanTerm * 12;
var monthlyPayment = 0;
// Input validation
if (isNaN(homePrice) || homePrice <= 0) {
alert("Please enter a valid Mobile Home Price.");
return;
}
if (isNaN(downPayment) || downPayment < 0) {
alert("Please enter a valid Down Payment.");
return;
}
if (homePrice - downPayment <= 0) {
alert("Down Payment cannot be more than or equal to the Home Price.");
return;
}
if (isNaN(loanTerm) || loanTerm <= 0) {
alert("Please enter a valid Loan Term in years.");
return;
}
if (isNaN(annualInterestRate) || annualInterestRate <= 0) {
alert("Please enter a valid Annual Interest Rate.");
return;
}
if (monthlyInterestRate === 0) { // Handle 0% interest rate
monthlyPayment = loanAmount / numberOfPayments;
} else {
monthlyPayment = loanAmount * (monthlyInterestRate * Math.pow(1 + monthlyInterestRate, numberOfPayments)) / (Math.pow(1 + monthlyInterestRate, numberOfPayments) - 1);
}
document.getElementById("monthlyPayment").innerHTML = "$" + monthlyPayment.toFixed(2);
}