Question: What does “PITI” stand for in the context of mortgage payments?
Answer: Principal, Interest, Taxes, and Insurance
In the context of mortgage payments, PITI stands for:
• P — Principal (the amount applied toward repaying the loan balance)
• I — Interest (the cost of borrowing money)
• T — Taxes (property taxes)
• I — Insurance (homeowners’ insurance, and sometimes mortgage insurance if applicable)
Lenders often use PITI to calculate a borrower’s total monthly housing expense and determine mortgage affordability.
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