P.I.T
When you arrange for your mortgage, you can have the payments arranged so your Principal, Interest and Taxes are made together.
These are payments due on a regular basis under the terms of a mortgage agreement. Generally, payments are made monthly and include one-twelfth of the estimated annual municipal and school taxes. Since these taxes change from year to year, this section of the mortgage will change accordingly.
Your other choice is P.I which is Principal and Interest. If you choose PI,
you are responsible to make the Land Tax payments on your own. People choose
PIT as form of payment so they do not get a large lump sum bill when the taxes
are due.
Click for more mortgage definitions and terms relating to remortgaging.