You are buying your first house. The purchase price is $250,000. You are putting 5% down....

     

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You are buying your first house. The purchase price is $250,000. You are putting 5% down. You locked in at a 7% interest rate amortized over 30 years. Taxes are $2,200 per year and hazard insurance equals $400 per year. You have 48 months left on your new car payments that equal $650 per month. You also have 20-years of student loans remaining at $250 per month. Your gross annual income is $98,000. Benefits, including social security and insurance are approximately 27.5% of your gross income. What is the PITI? You are buying your first house. The purchase price is $250,000. You are putting 5% down. You locked in at a 7% interest rate amortized over 30 years. Taxes are $2,200 per year and hazard insurance equals $400 per year. You have 48 months left on your new car payments that equal $650 per month. You also have 20-years of student loans remaining at $250 per month. Your gross annual income is $98,000. Benefits, including social security and insurance are approximately 27.5% of your gross income. What is the PITI?

Answer rating: 100% (QA)

SOLUTION a PITI stands for Principal Interest Taxes and Insurance which are the four components of a mortgage payment To calculate PITI we need to add ... View the full answer