Modular Home Loan Calculator
Calculate the full cost of a modular home project — factory cost, land, foundation, transportation, crane, utility hookup, and finish work — and compute your conventional mortgage payment. Compare against site-built, model all four loan types (conventional, FHA, USDA, VA), and project Energy Star savings and long-term appreciation.
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Monthly Mortgage Payment
$1,751
Conventional mortgage · $270,000 loan · 30-year term
Total Project Cost
$300,000
Down Payment (10%)
$30,000
Loan Amount
$270,000
Total Interest
$360,437
Loan Type
Conventional (Real Property)
NOT Chattel / MH Loan
Lower rate, tax deductible
Advanced
Advanced Calculator
Full cost itemization chart, modular vs site-built comparison, land and modular combined financing
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Cost Breakdown by Component
Modular Factory Cost: $160,000
Land: $60,000
Foundation: $25,000
Transportation: $12,000
Crane / Set: $8,000
Utility Hookup: $15,000
Finish Work: $20,000
| Component | Cost | % of Total | Notes |
|---|---|---|---|
| Modular Factory Cost | $160,000 | 53.3% | Factory price; includes all modules |
| Land | $60,000 | 20.0% | May be pre-owned |
| Foundation | $25,000 | 8.3% | Permanent foundation required for conventional loan |
| Transportation | $12,000 | 4.0% | $5-$20/mile from factory; permit costs included |
| Crane / Set | $8,000 | 2.7% | 1-2 day crane rental + crew |
| Utility Hookup | $15,000 | 5.0% | Water, sewer, electric, gas connections |
| Finish / Site Work | $20,000 | 6.7% | Driveway, grading, landscaping, interior finishes |
| TOTAL PROJECT COST | $300,000 | 100% | $1,751/mo at 6.75% for 30 yrs |
Key financing distinction: Because the modular home is on a permanent foundation, this qualifies as real property and can use a conventional mortgage — NOT a chattel loan (which is for manufactured homes not on permanent foundations). Conventional rates are typically 2-4% lower than chattel loans and the interest is fully tax-deductible.
Pro
Professional Simulator
Lender type comparison (conventional, FHA, USDA, VA), Energy Star savings and EEM, multi-year appreciation vs site-built
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Modular homes on permanent foundations qualify for the same loan types as site-built homes. Compare monthly costs and qualification requirements.
| Loan Type | Rate | Min Down | Monthly P&I | PMI/MIP | Total Monthly | Total Interest |
|---|---|---|---|---|---|---|
| Conventional Modular qualifies as real property. Best rates. Requires completed foundation. | 6.8% | 10.0% | $1,751 | $113/mo | $1,864 | $360,437 |
| FHA FHA allows modular. 3.5% min down. MIP required. No income limits. | 7.0% | 3.5% | $1,926 | $205/mo | $2,131 | $403,878 |
| USDA Rural areas only. No down payment. Income limits apply. Best rate of all. | 6.5% | 0.0% | $1,896 | $88/mo | $1,984 | $382,633 |
| VA Veterans only. No down payment, no PMI. Funding fee applies (1.25-3.3% once). | 6.3% | 0.0% | $1,847 | None | $1,847 | $364,975 |
Modular vs manufactured home financing: A modular home on a permanent foundation (crawlspace, basement, or slab) is titled as real property and qualifies for conventional, FHA, USDA, and VA financing — the same as site-built. A manufactured home (HUD-code) on a non-permanent chassis is personal property and requires a chattel loan with significantly higher rates (7-12%). Always ensure proper titling when buying or financing a modular home.
Modular Home Financing: The Key Distinction
The single most important fact about modular home financing: a modular home on a permanent foundation is financed with a conventional mortgage — not a chattel loan, not a special "mobile home loan", not a manufactured home loan. The interest rates, down payment requirements, and terms are identical to a site-built home in the same location.
This distinction exists because modular homes are built to local building codes (the same codes that govern site-built construction), assembled on a permanent foundation, and titled as real property. Compare this to HUD-code manufactured homes, which are built to federal HUD standards, may be on non-permanent supports, and are frequently titled as personal property — requiring chattel loans at 7-12% interest rates.
Total Project Cost Formula
Total Project Cost = Factory Cost + Land + Foundation + Transportation + Crane/Set + Utility Hookup + Finish Work
Down Payment = Total Cost × Down Payment %
Loan Amount = Total Cost − Down Payment
Monthly Payment = Standard Amortization Formula (same as any mortgage)
Down Payment = Total Cost × Down Payment %
Loan Amount = Total Cost − Down Payment
Monthly Payment = Standard Amortization Formula (same as any mortgage)
Example: 1,800 sqft Modular in Rural Tennessee
Two-Module Ranch, 3BR/2BA, Permanent Foundation
| Modular Factory Price | $152,000 |
| Land (5 acres) | $65,000 |
| Crawlspace Foundation | $22,000 |
| Transportation (180 miles) | $14,400 |
| Crane / Set (2 modules) | $8,500 |
| Utility Hookup (well, septic) | $28,000 |
| Finish Work / Grading | $18,000 |
| Total Project Cost | $307,900 |
| Down Payment (10%) | $30,790 |
| Loan Amount | $277,110 |
| Monthly Payment (6.75%, 30yr) | $1,796 |
| vs Comparable Site-Built | $380,000+ |
| Modular Savings | $72,100 (23%) |
This home qualifies for a USDA loan (no down payment) if the buyers meet income limits, reducing the upfront cash requirement to closing costs only.
Modular vs Manufactured vs Site-Built: Financing Comparison
| Construction Type | Built to Code | Foundation | Loan Type | Typical Rate |
| Site-Built | Local building code | Permanent | Conventional / FHA / VA / USDA | Market rate (6-7%) |
| Modular (permanent foundation) | Local building code | Permanent required | Conventional / FHA / VA / USDA | Same as site-built |
| Manufactured HUD (on land) | HUD federal code | Permanent optional | FHA Title II / VA / USDA (if on land) | 7-9% |
| Manufactured / Chattel | HUD federal code | None (piers/blocks) | Chattel loan only | 8-12% |
Frequently Asked Questions
Yes. Modular homes on permanent foundations qualify for conventional (Fannie Mae, Freddie Mac), FHA, USDA, and VA mortgages — identical to site-built. The requirements: the home must be on a permanent foundation (not piers or blocks), titled as real property (not personal property), and built to the local building code. When you sell, buyers can finance with the same conventional products.
Modular homes: built to local/state building codes (same as site-built), assembled on a permanent foundation, real property title, conventional mortgage eligible. Manufactured homes (formerly mobile homes): built to federal HUD standards on a permanent steel chassis, may be on temporary supports, often titled as personal property, typically require chattel loans at much higher rates. The distinction is code compliance (local vs federal HUD) and the foundation/titling approach.
Modular home timeline: factory production 8-16 weeks, foundation (can run parallel) 4-6 weeks, setting modules 1-2 days (by crane), utility connections and finish work 4-8 weeks. Total: 4-6 months from order to move-in. This compares favorably to 9-14 months for comparable site-built construction. The faster build reduces construction loan interest costs and allows earlier occupancy.
Yes. USDA Rural Development Section 502 loans cover modular homes in eligible rural areas (check the USDA eligibility map). Benefits: no down payment required, lower mortgage insurance than FHA (0.35% annual vs 0.85%), and competitive rates often below conventional. Income limits apply — typically 115% of area median income. The modular home must be on a permanent foundation and titled as real property. USDA is often the best option for rural modular home buyers who meet income limits.
Buyers often underestimate: transportation costs ($5-$20/mile per module — a 200-mile move with 2 modules = $8,000-$16,000); foundation costs ($15,000-$50,000 depending on type); crane/setting fees ($5,000-$15,000 per set); utility hookup ($10,000-$40,000 — well and septic on rural sites are expensive); site preparation and grading ($5,000-$20,000); and finish work like driveways, landscaping, and interior cosmetics. Budget 30-50% above the factory price for all-in costs.