Posts tagged Principal Interest Taxes Insurance
How is Property Tax Calculated?

Other than paying your mortgage (and perhaps your utilities), property taxes can be one of the biggest expenses involved with your home. But how are property taxes calculated? Typically, property taxes are set by a specific percentage, often referred to as a multiplier. When multiplied by the assessed value of your home, this determines your annual tax bill.

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What is Property Tax?

Homeownership can be an expensive venture. A mortgage is easily one of the largest investments the average person makes in their lifetime, but it isn’t the only cost of owning a home. It turns out, paying back the principal and interest on a home loan is only the tip of the iceberg. Property tax is another cost of homeownership that is not often talked about, yet it is a fee you will need to pay long after your home loan is paid in full. So what is property tax?

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PITI: Principal, Interest, Taxes and Insurance In regards to Home Loans

Pronounced the same as pity, the acronym PITI is a common term when dealing with home loans. The letters in PITI stand for principal, interest, taxes, and insurance. The term, however is typically used as a blanket term that covers the monthly sum of the total debt service (principal and interest), homeowners insurance, property taxes, mortgage insurance, and homeowners association fees.

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