PITI (The Total Monthly Payment)

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Residential Mortgages

Section 17 of 41

When quoting a monthly payment to a client, always specify if it is just "Principal & Interest" or the full "PITI."P = Principal (Repaying the loan balance)I = Interest (The cost of the money)T = Taxes (Property taxes held in escrow)I = Insurance (Hazard insurance held in escrow)