Estimate specific financing costs for manufactured and mobile units
10 Years
15 Years
20 Years
23 Years
25 Years
30 Years
If located in a park or leased land
Please enter valid numerical values for all fields.
Net Financed Capital:
Base Monthly Installment:
Park/Lot & Escrow Fees:
Total Monthly Obligation:
Total Financing Cost (Over Term):
Understanding Mobile Home Financing Rates
Financing a manufactured or mobile home differs significantly from traditional real estate mortgages. The "Annual Financing Fee" (often referred to as the APR) and terms depend heavily on whether the home is titled as personal property (Chattel) or real estate. This calculator helps estimate your total financial obligation by incorporating specific variables like lot rents and chattel financing structures.
Chattel vs. Real Estate Financing
If you do not own the land beneath the home (e.g., the home is in a park), the loan is typically a Chattel loan. These carry higher financing fees and shorter repayment periods than traditional mortgages. Conversely, if the unit is permanently affixed to land you own, you may qualify for conventional financing rates.
Key Factors Influencing Your Rate
Unit Age and Type: Older mobile homes (pre-1976 HUD code) are harder to finance and often incur higher fees.
Credit Profile: Chattel loans are often underwritten like consumer loans (e.g., auto loans), placing heavy weight on credit scores.
Upfront Cash Commitment: A higher initial contribution reduces the lender's risk, often lowering the effective financing fee percentage.
Lot Lease Structure: While lot rent does not directly change your loan rate, lenders calculate your debt-to-income ratio including this fee, which can impact approval.
Interpreting the Results
The Total Monthly Obligation calculated above combines your loan repayment with unavoidable ongoing costs like lot fees and insurance. This figure is critical for budgeting, as park fees in many regions can equal or exceed the financing payment itself. Ensure your budget accounts for potential annual increases in lot rent, which are not fixed by your loan agreement.
function calculateMobileFinancing() {
// Get input values
var unitCost = document.getElementById("unitCost").value;
var upfrontCash = document.getElementById("upfrontCash").value;
var annualFee = document.getElementById("annualFee").value;
var repaymentYears = document.getElementById("repaymentYears").value;
var lotFees = document.getElementById("lotFees").value;
var taxIns = document.getElementById("taxIns").value;
// Parse values
var P = parseFloat(unitCost);
var D = parseFloat(upfrontCash);
var R = parseFloat(annualFee);
var Y = parseFloat(repaymentYears);
var L = parseFloat(lotFees);
var T = parseFloat(taxIns);
// Validation
var errorBox = document.getElementById("errorBox");
var resultBox = document.getElementById("resultBox");
if (isNaN(P) || isNaN(R) || isNaN(Y)) {
errorBox.style.display = "block";
resultBox.style.display = "none";
return;
}
// Handle optional fields as 0 if empty
if (isNaN(D)) D = 0;
if (isNaN(L)) L = 0;
if (isNaN(T)) T = 0;
errorBox.style.display = "none";
// Logic
var principal = P – D;
// Handle case where upfront covers entire cost
if (principal <= 0) {
principal = 0;
var monthlyPayment = 0;
} else {
// Monthly rate
var r = (R / 100) / 12;
// Total number of payments
var n = Y * 12;
// Amortization formula: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
if (r === 0) {
var monthlyPayment = principal / n;
} else {
var monthlyPayment = principal * (r * Math.pow(1 + r, n)) / (Math.pow(1 + r, n) – 1);
}
}
var otherMonthlyCosts = L + T;
var totalMonthly = monthlyPayment + otherMonthlyCosts;
var totalFinancingCost = (monthlyPayment * Y * 12) + D; // Total paid including down payment + all installments
// Display Results
document.getElementById("resPrincipal").innerText = "$" + principal.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resBaseMonthly").innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resFees").innerText = "$" + otherMonthlyCosts.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById("resTotalMonthly").innerText = "$" + totalMonthly.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Calculate total cost of loan (Interest + Principal) strictly for the financing part
var totalLoanPayment = monthlyPayment * Y * 12;
document.getElementById("resTotalCost").innerText = "$" + totalLoanPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
resultBox.style.display = "block";
}