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PITI (Principal, Interest, Taxes, Insurance)
When a buyer applies for a loan, the lender will calculate the principal, interest, taxes and insurance. The figure is designed to represent the borrower's actual monthly mortgage-related expenses.
Property tax
Property taxes are calculated at about 1.5 percent of the current market value.
Property tax deduction
The U.S. tax code allows homeowners to deduct the amount they have paid in property taxes.
Property value
The value of a piece of property is based on the price a buyer will pay at a certain time.
Purchase agreement
A document which details the purchase price and conditions of the transaction.
