Mortgage Payments

Amortization
Amortization refers to the process of reducing debt through periodic payments or the systematic write-off of intangible asset costs over a set period.
PITI (Principal, Interest, Taxes, and Insurance)
PITI is an acronym representing the four primary components that make up a borrower's monthly mortgage payments: Principal, Interest, Taxes, and Insurance. Understanding PITI is crucial for both lenders and borrowers to ensure accurate financial planning and loan repayment.

Accounting Terms Lexicon

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