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Homebuyer Tips: PITI

Posted by Jennifer Andrews on November 12, 2019
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Homebuyer Tips from New Horizons Development, Inc.

When talking with lenders, you may hear the term PITI often. This means Principal, Interest, Taxes, & Insurance. It is what should be included in your monthly mortgage payment. ⁣

⁣The lender will collect the funds to pay your taxes and insurance monthly and hold them in escrow to pay the annual and bi-annual dues.⁣

Make sure you verify if the monthly payment you have been quoted includes PITI, not just payment & interest. This will help you as you plan your budget for your new home.


If your lender only collects Principle and Interest in your monthly payment, you will need to verify what is owed for your taxes and insurance, and note the due dates so that you can pay them yourself. Set aside a portion of your taxes and insurance (in a savings account or other account) so that you have the funds available to pay them.


If you are thinking of buying a new home, we would love to answer any questions you may have! We can give you the names of several local lenders we have worked with over the years as well.


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This is part of our Homebuyer Tips series.

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Homebuyer Tips: PITI
What is PITI? Principle, Interest, Taxes, & Insurance. All of these should be included in your quote for your monthly mortgage payment from your lender.
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