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PITI & F for Mortgage
Chris as Your Buyer's and Mortgage Agent will tell you about PITI and F for your Home Mortgage. Principal, Interest, Tax, Insurance and Fees are the parts to your monthly home payment. While the payment is usually just PITI, Chris likes to advise his clients to plan for a fifth component F for fee. We will cover it last. Please, look over the materials below, discussing PITI & F.
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PRINCIPAL part of Mortgage
Principal is the total amount of money borrowed in the loan. The amount needed to pay for the home when combined with your down payment. It may also be an amount needed to pay for any personal property that goes along with the home. But many lenders insist that things like furniture, cars, and boats, be covered in a separate contract and with a separate loan. Some lenders allow certain items to be put in mortgages such as newly purchased washer and dryer. An evaluation can be made of which is most favorable for you. It may also be the amount needed to pay for any closing costs allowed to be in the principal amount of the finance, such as points.
The amount of principal owed usually gets larger each month. In the first several years of the loan, the principal makes up but a small part of the monthly payment and the interest makes up a large amount. Since the interest is tax deductible, it makes your early payments be 'effectively' smaller. On some types of mortgages, no principal is paid until the end of the mortgage.
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