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What is PITI?

closing costs companies COMPANY Home homeowner's insurance Insurance loan Loans mortgage mortgages PITI Principal principal and interest property taxes Refinance taxes
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What is PITI?

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PITI is the acronym for Principal, Interest, Taxes and Insurance.

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An abbreviation for principal, interest (on the mortgage loan), property taxes and insurance – the total amount of those items.

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It is simply “Principal, Interest, Taxes and Insurance” — the components of your monthly mortgage payment.

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PITI, is a lending industry acronym for monthly housing expenses: principal, interest, taxes and insurance. The principal and interest are your loan repayment costs. Property taxes vary depending on the location of your home. The insurance is your homeowner’s policy and, if necessary, flood insurance and Private Mortgage Insurance.

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Mortgage lenders use this term over and over again, so it is important that you understand what it means. “PITI” is the total monthly payments you will make each month to your lender and includes principal and interest on the mortgage, real estate taxes, and homowners insurance. If you will be paying private mortgage insurance or condo/co-op association fees, these monthly payments are also included in the “PITI” amount.

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