math

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 :)

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

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  2. oops forgot the link, here it is

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

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  3. 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

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  4. 2584.03 dollars

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