What does PITI mean? Read on to discover the definition & meaning of the term PITI - to help you better understand the language used in insurance policies.
Principal, interest, taxes, and insurance, also referred to as PITI, are the monthly costs associated with owning a home. In the context of insurance, homeowners' insurance, and sometimes mortgage insurance, are typically included in the PITI costs. Principal, interest, taxes, and insurance can amount to a significant sum of money per month. So it is important that homeowners can properly afford them before they buy the home.
We hope the you have a better understanding of the meaning of PITI.