Mobile Home Financing
Mobile Home FinancingFor mobile home financing
During the first year,
the monthly principal and interest payment for a $100,000 loan is $370. In this example we are using $100,000.
You then need to drop the first three zeros i.e. $100,000 becomes 100. 3.7
times loan amount = 1st yr.
monthly payment principal and interest. In this case it is 3.7 x 100=
$370.
So, if the loan amount was $147,000, we end up with 147x 3.7= 540.
If we use a loan amount of $95,000 we use 95 x 3.7= $ 352.
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