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Principal, Interest, Taxes, Insurance - PITI |
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Principal, Interest, Taxes, Insurance - PITI The components of a mortgage payment. Principal is the money used to pay down the balance of the loan interest is the charge you pay to the lender for the privilege of borrowing the money taxes refers to the property taxes you pay as a homeowner and insurance refers to both your property insurance and your private mortgage insurance. Notes: PITI is typically quoted on a monthly basis and compared to a borrower's monthly gross income by means of computing the individual's front-end and back-end ratios, which are used to approve mortgage loans. Generally, mortgage lenders prefer PITI to be equal to, or 28%, of a borrower's gross monthly income. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Principal, Interest, Taxes, Insurance - PITI