PITIA is the monthly payment that includes Principal + Interest + Taxes + Insurance + Association (HOA) dues. The full carrying cost of a property at the loan level.
Used in DSCR calculations: DSCR = Monthly Net Operating Income ÷ Monthly PITIA. Used in reserve calculations: programs require 6–12 months of PITIA sitting in liquid reserves on the bank statement two business days before closing.
Taxes and insurance escrow are sometimes waived for hard money short-term loans; for DSCR rental loans, T&I escrow is standard.