What is included in my monthly mortgage payment?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Your payment is usually PITI: principal, interest, property taxes, and homeowners insurance. If you put less than 20% down, mortgage insurance is added, and a condo or HOA community adds dues separately.
Taxes and insurance are collected in escrow and paid by the lender when due. We build your full PITI for the specific home so you see the real monthly number.
The parts of your payment
Your payment usually has four parts, known as PITI. That means principal, interest, taxes, and insurance. Many payments also include PMI or HOA dues.
Principal and interest stay fixed on a fixed-rate loan. Taxes and insurance can rise over time.
Budgeting the full payment in Florida
Florida insurance and taxes make the T and I in PITI bigger here. Ignoring them leads to budget shock. We include real numbers up front.
Try our calculator for a full-payment view. Then call and we will confirm it with local insurance quotes.