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What is Included in a Mortgage Payment

The four components of a mortgage payment include principal, interest, taxes and insurance.

PITI is an acronym for the four components of a mortgage payment: principal, interest,taxes and insurance. It is seen as a total or complete mortgage payment. Your mortgage payment to the lender includes the following:

PRINCIPAL
The amount you borrow from the bank or lender spread over the life of the loan.

INTEREST
The amount your bank or lender charges you to borrow from them.

TAXES
A portion of your mortgage payment will go toward real estate or property taxes and is paid to your local government from your escrow account

INSURANCE
Homeowners or hazard insurance, held in an escrow account. Can also include mortgage and/or flood insurance.

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