Mobile home loan payments follow the standard amortization formula. Monthly principal and interest depends on three inputs: loan principal (home price minus down payment), annual interest rate, and loan term in years. If you are financing a rental property, pair this with the DSCR Loan Calculator to check whether the property's cash flow covers the debt service.
Monthly P&I = P x [r(1+r)^n] / [(1+r)^n - 1]
P = loan principal (home price minus down payment)
r = monthly rate = annual rate / 12
n = total payments = years x 12
For a $120,000 loan at 8.5% for 20 years: r = 0.085/12 = 0.00708, n = 240. Monthly payment = $1,041. Total interest paid over 20 years = $129,900.
Mobile Home Loan Calculator with Down Payment
A larger down payment directly reduces the loan principal and total interest cost. FHA Title II loans allow 3.5% down for borrowers with 580 or higher credit scores. Chattel lenders typically require 10-20% down. The table below shows how down payment size affects monthly payment and total interest on a $150,000 manufactured home at 8.5% for 20 years. For commercial or investment property loan comparisons, see the Commercial Real Estate Loan Calculator.
Down Payment
Loan Amount
Monthly P&I
Total Interest
$0 (0%)
$150,000
$1,302
$162,400
$5,250 (3.5%)
$144,750
$1,256
$156,700
$15,000 (10%)
$135,000
$1,172
$146,100
$22,500 (15%)
$127,500
$1,106
$138,000
$30,000 (20%)
$120,000
$1,041
$129,900
Mobile Home Chattel Loan Calculator: Rates and Terms
A chattel loan is the most common financing type for mobile homes in land-lease communities. The home is classified as personal property, not real estate, so lenders treat it like a vehicle or equipment loan. Rates are higher and terms are shorter than real property mortgages. Once a home is permanently affixed to land you own and titled as real property, you can qualify for FHA Title II or conventional mortgage rates. For investment property mortgage comparisons, use our Commercial Mortgage Calculator.
Loan Type
Rate Range (2026)
Max Term
Own Land Required?
Chattel loan
7.5-13%
20 years
No
FHA Title I
7-10%
20 years
No
FHA Title II
6.75-8.5%
30 years
Yes
VA loan
6.5-8%
25 years
Yes
USDA loan
6.5-8%
30 years
Rural areas only
Conventional
7-9%
30 years
Yes
Used Mobile Home Loan Calculator: What Lenders Require
Used manufactured home financing uses the same payment formula. Enter the sale price, your down payment, the lender's quoted rate, and the loan term above. The calculator works for new and used homes. Key differences from new home financing are listed below.
Age restriction
Most lenders require the home to be 10-15 years old or newer. Some chattel lenders cap at the 1990 model year.
HUD certification plate
The home must have its HUD certification plate (also called the HUD tag) intact. Most lenders will not finance a home without it.
Down payment
Used chattel loans typically require 10-20% down, compared to 3.5% for FHA Title II on qualifying new homes.
Appraisal and condition
Lenders order an appraisal or inspection to confirm the home's current value. Structural damage or deferred maintenance can disqualify the home.
Titling status
Check whether the home is titled as real property or personal property in county records before closing. The title type determines your loan options.
Refinancing outlook
Used manufactured homes on leased land rarely appreciate and are harder to refinance. Plan your budget based on keeping the loan to maturity.
Example Calculation
You are buying a double-wide manufactured home for $140,000 with 10% down ($14,000), borrowing $126,000. You compare a chattel loan at 9% for 20 years against an FHA Title II mortgage at 7.25% for 30 years. If the home will be a rental property, run the returns through the Cap Rate Calculator before committing.
Home price: $140,000
Down payment (10%): $14,000
Loan principal: $126,000
Chattel loan (9%, 20yr): $1,134/mo, $146,160 total interest
FHA Title II (7.25%, 30yr): $860/mo, $183,600 total interest
Chattel: $274/mo more but $37,440 less interest over the full loan.
Common Mistakes to Avoid
Confusing chattel and real property loans
Chattel loans treat the home as personal property (similar to a vehicle loan). Real property mortgages treat the home and land as real estate. Rates, terms, and consumer protections differ significantly. Confirm which loan type you are receiving before signing.
Omitting lot rent from your monthly budget
If the home is in a land-lease community, your total monthly housing cost includes the loan payment plus lot rent (typically $400-1,200 per month). This calculator shows loan payment only, not lot rent.
Assuming the home will appreciate
Manufactured homes on leased land frequently depreciate. This limits your ability to build equity, refinance, or sell for a profit. For investment purposes, verify local resale data before financing.
Not checking real property eligibility before applying
To qualify for FHA Title II or conventional mortgage rates, the home must be permanently affixed to a foundation on land you own. Verify the home's titling status with the county before assuming you can get a lower-rate mortgage.
Getting only one rate quote
Chattel loan rates vary by 2-4 percentage points between lenders. On a $100,000 loan over 20 years, a 3% rate difference adds roughly $40,000 in interest. Get at least three lender quotes before committing.
Frequently Asked Questions
Mobile home loans use the standard amortization formula: Monthly Payment = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly rate (annual rate divided by 12), and n is the total payments (years x 12). For a $100,000 chattel loan at 9% for 20 years: r = 0.0075, n = 240, monthly payment = $899.73, total interest = $115,935.
Primary source for HUD construction standards, FHA Title I and Title II loan requirements, permanent foundation criteria, and HUD certification plate requirements for manufactured homes.
Source for chattel loan market data, interest rate ranges, loan term distributions, and comparative analysis of manufactured housing borrowers versus site-built mortgage borrowers.
Reference for loan type definitions, the distinction between chattel and real property financing, typical lender requirements, and manufactured housing market statistics.
HR
Hassaan Rasheed
Developer and Researcher, CalculatorFlux
Researches and verifies the formulas, methodology, and source data behind each calculator on CalculatorFlux. All tools are built and checked against the cited references before publication.
Last updated: May 2026
Loan Type Reference
Type
Rate / Term
Chattel loan
7.5-13% / 20yr
FHA Title I
7-10% / 20yr
FHA Title II
6.75-8.5% / 30yr
VA loan
6.5-8% / 25yr
Conventional
7-9% / 30yr
USDA
6.5-8% / 30yr
Pro Tip
If you can buy the land with the home and meet FHA permanent foundation standards, you qualify for FHA Title II at 6.75-8.5% instead of a chattel loan at 8-12%. On a $120,000 loan over 20 years, a 3% rate reduction saves roughly $40,000 in total interest.