|Principal, Interest, Taxes, and Insurance (PITI)
||If there is an escrow account associated with your mortgage, your mortgage payment is divided into four separate parts when you make your payment each month. One portion of your payment goes towards interest, one towards principal, one towards taxes, and another part towards insurance. This is referred to as PITI. If you have an interest only loan or your loan does not have an escrow or impound account associated with it, this term does not apply to your loan.