Definitions for "Principal and Interest"
Where both principal and interest is repaid over the life of the loan.
A portion of the monthly payment that is applied toward the loan balance and accrued interest. Payment for property taxes and insurance is considered PITI (principal, interest, taxes and insurance).
The principal and interest is the monthly payment needed to repay the mortgage loan over a predetermined period. After deducting the monthly taxes, insurance, and debt from the Total Monthly Obligation, the mortgage payment is calculated based on a 30 year fully amortizing loan and the current 30 year mortgages rates of Lenders with a 1 point origination fee.
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