{"id":867,"date":"2016-11-18T08:00:58","date_gmt":"2016-11-18T15:00:58","guid":{"rendered":"http:\/\/wrkstnblog01\/?p=867"},"modified":"2024-01-04T16:04:12","modified_gmt":"2024-01-04T23:04:12","slug":"what-is-piti","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/what-is-piti\/","title":{"rendered":"What is a PITI Payment?"},"content":{"rendered":"

Buying your first home? Be prepared to learn a list of delightful new acronyms\u2014APR<\/a>, PMI<\/a>, FICO<\/a>, FHA<\/a>, LTV<\/a> and DTI<\/a>, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle.<\/p>\n

What is PITI?<\/h2>\n

PITI stands for Principal, Interest, Taxes and Insurance, and calculating it can help you decide how comfortably a home\u2019s monthly costs will fit into your future financial plans.<\/p>\n

How to calculate PITI:<\/h2>\n

Add together these four costs to get your total monthly PITI payment:<\/p>\n

\n

Mortgage P<\/u>rincipal<\/h4>\n

The part of your monthly payment that is applied to the balance of your loan (without the interest)<\/p>\n

\n

Home Loan I<\/u>nterest<\/h4>\n

The interest paid in monthly increments for the life of your loan<\/p>\n

\n

Monthly Property T<\/u>axes<\/h4>\n

Your monthly property tax payment (approximately 1\/12 of the total property tax for the year)<\/p>\n

\n

Home Owners I<\/u>nsurance<\/h4>\n

Also called hazard insurance or homeowner\u2019s insurance, this coverage protects your home and certain possessions, and can help protect you from liability claims or lawsuits from accidents on your property.<\/p>\n

\n

For more information about mortgages and the loan application process, contact our affiliate, HomeAmerican Mortgage Corporation, at 866.400.7126. You may also be interested in our First-time Homebuyer Guide<\/a>, filled with tips to help you find and buy your dream home.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buying your first home? Be prepared to learn a list of delightful new acronyms\u2014APR, PMI, FICO, FHA, LTV and DTI, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle. What is PITI? PITI stands for Principal, Interest, Taxes and Insurance, and calculating […]<\/p>\n","protected":false},"author":1,"featured_media":6460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[382,150],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2013\/10\/Citrine_Co_Ext_Jacoby-1859_wrk_B.png","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"},"yoast_head":"\r\nHow to calculate a home buyer's monthly PITI payment<\/title>\r\n<meta name=\"description\" content=\"Understanding your PITI can help you better prepare for your monthly home payments. 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