Section 7, Unit 5: PITI Workshop and Practice
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A homeowner's monthly mortgage payment is $580.23. If the taxes are $83.33 and the insurance is $41.66, how much of the monthly payment is principal plus interest?
$455.24
In calculating PITI for a mortgage payment, the annual taxes and insurance are divided by ______ and are added to the monthly principal and interest payment to make up the total monthly payment.
12
In the early years of a mortgage loan term, which portion of the payment is likely to be the largest?
Interest
What do property taxes in a mortgage payment pay for?
The cost of public services as a percentage of the property value
