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Your Mortgage Payment

Know the facts before you set your budget

When you make your mortgage payment each month, it covers more than just principal and interest.

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What goes into a mortgage payment – a basic outline

There are 4 parts to a mortgage payment: principal, interest, taxes, and insurance, also called PITI.

  • Principal. The amount of your payment that goes to pay down your loan balance.
  • Interest. Cost to borrow money as a percentage of your principal loan amount.
  • Taxes. Collected monthly to pay your property taxes, held in an escrow account.
  • Insurance. Amount collected monthly to pay your homeowners insurance and mortgage insurance, if applicable, also held in an escrow account.

Information about escrow accounts

Video: The components of a mortgage payment

Video — The components of a mortgage payment

Learn more about what goes into your total monthly payment.

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