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The Principal, Interest, Taxes and Insurance (PITI) are the sum components of a mortgage payment. Specifically they consist of the principal amount, loan interest rate on your home's debt based off an annual percentage yield like 4.5% in most cases; property tax which is usually assessed by how much you owe annually to maintain ownership through grants with local or state government agencies- $1-$4k depending if it's residential or commercial real estate ; homeowners insurance -protects against physical damage that can occur to homes such as fire , break ins etc., private mortgage insurance premiums also protect for some risks but only come into play when someone defaults on their mortgages due to bankruptcy filing or death.