Understanding Your Mortgage Payment (PITI + PMI) on Mullayil.com
A standard monthly mortgage payment consists of four primary core components, commonly referred to as PITI, plus Private Mortgage Insurance (PMI) when applicable:
- Principal (P): The portion of your payment that directly reduces your remaining loan balance.
- Interest (I): The fee charged by the lender for borrowing money, calculated on your remaining balance.
- Taxes (T): Local government property taxes held in escrow and paid on your behalf.
- Insurance (I): Homeowners insurance policy premiums protecting your property against damage.
- PMI: Required on conventional loans when putting down less than 20% down payment.
Targeted Search Terms & Keywords
mortgage calculator with pmi
piti payment calculator
home loan amortization schedule
house affordability calculator
mullayil mortgage tool