When a manufactured home isn’t financed together with owned land, it’s financed as personal property through a chattel loan rather than a mortgage.
How it works
The loan amount is amortized over the chattel loan’s term at its rate, using the same formula as this site’s loan-amortization calculator.
What this does not include
Chattel loans typically carry higher rates and shorter terms than conventional mortgages for the same amount, since the manufactured home (not real property) secures the loan — this calculator computes the payment for whatever specific rate and term are entered.
How to use this calculator
- Enter the loan amount, interest rate, and loan term.
Frequently asked questions
What makes a manufactured home a “chattel” rather than real property?
Generally, if the home isn’t permanently affixed to owned land (or the land and home aren’t financed together as a single real estate transaction), it’s classified as personal property.
Why do chattel loans carry higher rates?
The lender’s collateral (the home itself) typically depreciates and is harder to repossess and resell than real estate, translating into higher perceived risk and rates.
Can a chattel loan later be converted to a mortgage?
In some cases, if the home is later permanently affixed to owned land and titled as real property, it may become eligible for conventional mortgage refinancing — requirements vary by state and lender.
