The acronym PITI refers to principal, interest, tax and insurance. These are the components of the monthly mortgage payment you’ll be making. If you purchase a property that is a part of a homeowners association, co-op, or condo, we might use the acronym PITIA where “A” refers to the association payment additionally that is due and paid separately.
Typically the insurance and taxes are included within the monthly mortgage payment. To learn more about this, see https://alexjaffe.com/what-is-escrow
To learn more about when the first mortgage payment is due, see https://alexjaffe.com/first-payment