please help thanks :)

what does PITI mean example Find the monthly PITI payment of this loan ?

Sue recently purchased a home, taking out a mortage of $235,000 at 8 3/4% for 25 years annual property taxes are $6,345 and annual hazard insurance premium is $1,479
please explian how to do this thanks :)

Check this out, I am not familiar with the procedures of mortgages in your country.

oops forgot the link, here it is

http://www.realestateabc.com/calculators/PITI.htm

PITI stands for Principal, Interest, Taxes and Insurance. I was curious myself about what that means.

The annual insurance and tax costs get divided by 12 for the monthly requirements for those items. To that, the monthly payment required to amortize the loan in 25 years gets added. The link that Reiny provided does it all for you. Using it, I get a monthly payment of $2584.03

2584.03 dollars

Hello! PITI stands for Principal, Interest, Taxes, and Insurance, which are the key components of a monthly mortgage payment. Let's break down how to calculate the monthly PITI payment for Sue's loan.

1. Principal and Interest:
To calculate the principal and interest portion of the payment, you need to know the loan amount, interest rate, and loan term.

Sue's loan amount is $235,000, and the interest rate is 8 3/4% (which can be written as 8.75% or 0.0875 as a decimal). The loan term is 25 years, but it needs to be converted to months, so it becomes 25 * 12 = 300 months.

To find the principal and interest portion, we can use a mortgage payment formula or an online mortgage calculator. Using the formula, the calculation is as follows:

Principal and Interest = P * (r * (1 + r)^n) / ((1 + r)^n - 1)

Where:
P = loan amount = $235,000
r = monthly interest rate = annual interest rate / 12 months = 0.0875 / 12 = 0.00729 (approx.)
n = total number of payments = 300

Plugging in these values, you can calculate the principal and interest portion.

2. Taxes and Insurance:
Next, we need to calculate the monthly amounts for property taxes and hazard insurance.

The annual property taxes are $6,345, so the monthly amount will be 6,345 / 12 = $528.75.

The annual hazard insurance premium is $1,479, so the monthly amount will be 1,479 / 12 = $123.25.

3. PITI Calculation:
To find the monthly PITI payment, simply add the principal and interest calculated in step 1 to the monthly amounts for taxes and insurance calculated in step 2.

PITI = Principal and Interest + Taxes + Insurance

By adding all these components together, you will get the monthly PITI payment.

Please note that the formula used above is a simplified version, and there might be additional factors like mortgage insurance, escrow, or homeowner association fees that could affect the total payment.