The Real Cost of a Mobile Home

A mobile or manufactured home is often the cheapest path to homeownership — but the financing math is different from a stick-built house. If the home sits on leased land, the loan is usually chattel (personal property) rather than a real-estate mortgage, which pushes rates several points higher and caps terms around 20 years. If you own the land and the home is permanently affixed, you may qualify for conventional or FHA financing at rates close to a standard mortgage. Either way, the monthly number that matters is the all-in figure: principal and interest plus lot rent or land taxes plus insurance. A $75,000 home with 10% down at 8.5% for 20 years costs roughly $590 a month before lot rent — and the lot rent is often the bigger variable, so check it carefully before you fall in love with the home.