Your monthly mortgage payment includes principalâthe amount you borrowedâand interest charged by the lender. It may also include property taxes and homeowners insurance collected through an escrow account. If your down payment is less than 20%, your lender may also require private mortgage insurance (PMI). Utilities, maintenance, repairs, and renovations are generally separate homeownership expenses.
verifiedCite
While every effort has been made to follow citation style rules, there may be some discrepancies.
Please refer to the appropriate style manual or other sources if you have any questions.
Select Citation Style