There are several different factors that determine the monthly price of loan repayment. Many individuals looking into a buying a house are not aware of these things. However, there are four parts to the price, principle, interest, taxes, and insurance. Through the use of a PITI mortgage calculator, an estimate of the total mortgage payment price can be established.

The principle refers to the tangible balance an individual owes on the home loan. This portion of the balance per month decreases the total debt balance. A small fraction of a monthly payment gets tacked onto the principle at the start because a lot goes to interest, however, as a loan matures, this changes.

Part of a monthly payment, as just mentioned, goes to the interest. For some individuals, they are able to write off interest as a tax deductible. It is beneficial to stay ahead of the repayment schedule, or else individuals will be paying interest on the loan for a long period of time.

Real estate taxes are factored into the monthly payment. However, if they are paid separately, they are not. Most mortgage lenders prefer to include it in the payment plan as it protects their investment.
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The insurance portion is the last part. It is put in escrow in conjunction with the taxes. If real estate taxes are not included in the payment, neither will the insurance be.

These four factors are determined by the PITI mortgage calculator. It is imperative that any calculation includes these four aspects or a proper estimate will not be determined. The only time this calculation method is not usable is if an individual selects to not escrow their real estate taxes and insurance. As well, interest-only loans do not factor properly into the calculation and another calculation will be required.

Learn more about piti calculator topics. Stop by HomeFellas where you can learn about fha vs conventional loans.