Interest is so cheap now, it is almost free. Plus you get to deduct the interest on a MH, as the IRS considers it a second home. (at least for now) And you do have to itemize deductions to get it
Our way of doing it, has been to put enough money down, so we are never under water on it, and keep the rest in the bank. Gives us a warm fuzzy, for emergencies.
If memory serves we did 12 years on a 4 year old one, not sure if you get a 20 on a used one. We got tired of it ( the payment) and paid it off early.
But 12 or 20, my thought run an amoritization schedule, calculate the interest you will pay, figure in the second home deduction, and see where your comfort level is.
I think one should not be paying so much on it every month, that they feel that's all they can ever do for vacation. Which is why the longer terms and lower payments are not all that bad of an idea in my opinion
