vanderbilt mortage and finance company the full purchase price for our mobile home was only 29451.57 and by the time its paid off it will be around 122,000.00 maryville, Tennessee

Looking at your report, I am assuming you are getting the $122,000 from the finance disclosure document that you signed when you financed this mobil home. If that is not correct, please reply. I am also assuming that the lot where the mobil home sits is part of the mortgage or you own the lot rather than pay lot rent.

One of the important notices you receive when you finance your home is called a Truth in Lending (TIL) form that details your financed amount, your interest rate, your APR and the total amount you will pay if you pay on time for the entire time of the loan period (10 yrs/15yrs/30yrs - whichever term you selected). It will also indicate if you have a pre-payment penalty or not on the form and the various other terms you have included in your note (like if it is assumable or not). This is a little scary to look at initially.

You can drastically reduce the total amount of interest paid for the life of the loan by making either lump sum pre-payments (with your tax refund for example) or making monthly pre-payments. I don't know your current payment as you did not give that info, but if you have a payment of $X and you make an additional small payment toward your principal at the same time you knock off years from the loan and consequently save thousands in interest. You can make that additional payment for any amount even a small $25 or $50/mth and you will save thousands of dollars over the full term of the loan.

Go to bankrate dot com and look at the calculator section for mortgages to design a program that works in your budget. If you are saying that your income won't handle even a small additional payment, then use your tax refund to make a lump sum payment every year in addition to your normal payments. It will knock years off your loan. You can do this with any loan that does not have a pre-payment penalty and you will save many thousands over the loan term.

If you are renting your lot and do not own it or it is not part of the deal, then this financing is more like vehicle/motor home type financing rather than real estate type.  The concept is the same, but the interest rates are higher. There is nothing stopping you from making additional payments toward the loan principal to acclerate the payoff.

Look at it this way, by knowing the terms you can design a program that works for you and gets you out of the loan much more quickly with only a very small amount of additional payment per month. Anyone can come up with an additional $25/mth. Plug that into the calculator and you will be surprised at how much that saves you over your loan term.