What makes up your house payment?
PITI, which stands for Principal – Interest – Taxes – Insurance.
If you put down less than 20%, you also have to think about PMI (Private Mortgage Insurance) or Funding Fees (if it’s a government backed loan like FHA, VA or USDA).
And finally, while it’s not part of your housing payment, you may have Condo or Homeowners Association fees due every month.
My partner Kate Stevens and I break it down for you in this short video below: