Use the manufactured home loans calculator to estimate your monthly loan payment based on the loan amount, interest rate, and loan term.
Loan Payment Calculation Formula
The following formula is used to calculate the monthly payment for a manufactured home loan.
Monthly Payment = \dfrac{Loan Amount \times Monthly Interest Rate}{1 - (1 + Monthly Interest Rate)^{-Number of Payments}}
Variables:
- Loan Amount is the total amount of the loan ($)
- Monthly Interest Rate is the annual interest rate divided by 12 (%)
- Number of Payments is the total number of monthly payments (years x 12)
To calculate the monthly payment, multiply the loan amount by the monthly interest rate, then divide by the result of subtracting one from one plus the monthly interest rate raised to the negative