The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.
Principal, Interest, Taxes, And Insurance (Piti)
principal, interest, taxes, and insurance (piti)
- the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.
Source: U.S. Department of Housing and Urban Development