For most homeowners, the monthly mortgage payments include three separate parts:

• Principal: Repayment on the amount borrowed
• Interest: Payment to the lender for the amount borrowed
• Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company

For loans that require mortgage insurance there will also be a monthly charge for that. The cost of mortgage insurance is dependent on a number of factors including loan program, credit score, LTV, loan amount and more.