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Mobile Home Loan Calculator

To use the Mobile Home Loan Calculator, simply input the numbers and hit go.
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Some simple calculations

For Mobile Home financing, use 7% as a starting rate if you have excellent credit.  Use 8% if you think you have ok to so-so credit, and 9% if you have bad credit.  

Assume 20% down payment, and plug in a rate, then choose 30 years for the term (see the Rates, Terms, and Fees page for additional information)  Start here and see if this rate works for you.  Mobile Home financing usually does not have pre-payment penalities, so you can normally pay additional each month, or refinance anytime.

Using the Mobile Home Loan Calculator you will be able to find out the payment options using different rates and terms - and you can decide on a payment, then solve for a term, for example, let's say you wanted to finance $100,000.00 and you think you would qualify for 7%.  Assuming a 30 year payment (with or without a balloon payment), your monthly payment would be $665.  But, let's say that you want to pay $750 each month, you can keep plugging in a different term until you come up with a payment close to $750 (between 21 and 22 years).

The Mobile Home Loan Calculator is a great tool.  Keep plugging in different numbers to get a feel for what will work for you.

By Will Cunningham

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