NCMHI Library - Your Own Property

Whether you are buying a manufactured home and placing it on your own land or in a manufactured home community, your loan and purchase may be subject to other variable costs. Included in these costs would be processing fees, appraisal fees, titles, etc. Each lender will provide you with an itemized list of fees. Also, lenders may offer optional bi-weekly payment schedules and adjustable-rate loans.

Aside from these additional costs, please use the example below to learn how you too might compute the cost of buying a manufactured home and placing it on your own personal property. It is important to note that placing a home on your property may offer significant advantages with regards to interest rates and loan periods. You should consult your financial institution for more details.

Note that what follows is an example only, and that the purchase of your own manufactured home may include other costs not foreseeable within this example:

EXAMPLE
Interest Rate:	7.875%
Loan Duration:	30 Years
1)	$74,000.00	Sample selling price
2)	$10,000.00	Sample land price
3)	$6,500.00	Sample foundation/basement
4)	$2,800.00	Sample water/well
5)	$2,000.00	Sample septic/sewer
6)	$1,000.00	Sample plumbing, heading, electricity
7)	$2,000.00	Sample site grading - drives & walks
8)	$1,000.00	Sample miscellaneous costs
9)	$100,000.00	Total of all costs (add lines 1 through 8)
10)	$10,000.00	10% down payment
11)	$90,000.00	Amount to be financed (line 10 from 9)
12)	$652.50	Monthly payment (Use line 11& table 1)

STEP 2: To view Table 1 (Monthly Principal & Interest Payment Factor - Fixed Rate), click here.

EXAMPLE
Computing Your Monthly Payment
Loan Duration:	30 Years
1)	$90,000.00	Amount to be financed (line 11, step 1)
2)	$90.00	Divide Line 1 by 1,000
3)	7.25	Payment Factor (table 1)
4)	$652.50	Approx. Monthly Payment (line 2 x line 3)