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Old 02-04-2010, 04:46 PM
 
Location: San Fernando Valley, CA but desperately hoping to move back to New York
74 posts, read 294,207 times
Reputation: 18

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Hopefully I am not repeating a previous question, I've tried to find an answer before posting this.

when looking at the mortgage calculators on real estate websites, I see the estimated monthly payment based on down payment and terms.

Does that estimated payment include principal, interest, tax and insurance(PITI)?

 
Old 02-05-2010, 11:05 AM
 
Location: Lending in all 50 states
187 posts, read 692,647 times
Reputation: 109
just principle and interest
 
Old 02-05-2010, 03:40 PM
 
59 posts, read 193,219 times
Reputation: 36
Some sites ask you to provide the tax amount and insurance and the est pymt will be PITI... so, based on what ur input to get the est pymt will be ur answer.
 
Old 02-05-2010, 05:23 PM
 
Location: New York
2,249 posts, read 4,074,955 times
Reputation: 1605
Quote:
Originally Posted by eastcoastlover View Post
Hopefully I am not repeating a previous question, I've tried to find an answer before posting this.

when looking at the mortgage calculators on real estate websites, I see the estimated monthly payment based on down payment and terms.

Does that estimated payment include principal, interest, tax and insurance(PITI)?

Breaking down a loan to understand it.... FYI - you may not know

A loan is made of four parts

Term
Balance
Interest Rate
Payment

When ever you change one you effect the other three. For example - one extra payment a year, knocks 7+ years of the term, your balance goes down, and the net effective interest rate is reduced by 2% (Plus you get reported as more resposible and your credit score goes up...)

The answer to your question to calculate the P/I payment

On a mortgage calculator (or on wep site calulator) enter the term, the balance and the rate, to equal the payment.

On interest only loans it is easier - multiple the interest rate by the balance and divide by 12 to get the monthly payment.

Taxes and insurance are different for everybody, it is the responsibility of the homeowner to know how much his mortgage taxes and their homeowners insurance are. Totaling that figure, dividing by 12 and adding the the P/I to get the monthly PITY payment.

Be advised if a person has less than 20% equity, or the first five years of an FHA loan. Added to the PITY payment is mortgage insurance called MI or PMI. Calculating that is different from lender to lender.

...
 
Old 02-05-2010, 11:06 PM
 
Location: San Fernando Valley, CA but desperately hoping to move back to New York
74 posts, read 294,207 times
Reputation: 18
thanks for all of the replies. i was hoping that it wouldve been piti, oh well.

i am noticing now that some sites offer an advanced search that will allow the tax and insurance so i will play around and try to get a better idea of cost of properties that interest me. although i dont know if i can calculate what insurance would cost.

modification specialist...thanks for that info, i will refer to it when i am looking at that. we have a mortgage on our home and i dont think i ever really looked at all of those details. we just pay the payment each month. there is so much to try to understand.
 
Old 02-12-2018, 03:34 PM
 
Location: Rathdrum, ID
3,862 posts, read 3,551,165 times
Reputation: 7037
Eight year old thread that has become a spam target. Thread closed.
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