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This calculator can be used to determine monthly payments of a home loan, based on your purchase price and down payment along with the length and interest rate of the loan.

Home Loan Calculator
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Explanation of Terms

Home Price
This is the sales price of the home, the amount you agree to pay the seller for the home.

Interest Rate
This is the interest rate for the loan.  Your rate will vary based on your personal credit history and financial position.  The interest rate is determined by the lender and not by the seller of the home.

Loan Duration
This is the length of time, in years, that it will take to repay your home loan.  The longer the loan duration, the lower your monthly payments will be.

Down Payment
This is the amount of money you will put towards a down payment on your home.  Many manufactured home lenders will require a down payment of 10-20% of the home’s purchase price.  The higher your down payment is the lower your monthly payments will be.

Loan Amount
This is the amount of money you borrow for to pay for the home and the amount  your lender will pay the seller of the home on your behalf.  In this calculator the Loan Amount will change based on the Home Price and/or the Down Payment.

Monthly Payment
This is the amount of your Home Loan payment each month.  This is  based on the Home Price, Interest Rate, Loan Duration and Down Payment and changing any of these variable will impact your monthly Home Loan payment.

When calculating your Home Loan keep in mind additional items than may increase your monthly expenses, including homeowner’s insurance and property taxes.   If your home will be located in land-lease community you should also plan on a separate monthly payment to cover community services and amenities.