Principal + Interest + Insurance + Property Taxes = Mortgage Payment

Monthly mortgage payments (PITI) include:

The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.
The fee charged for borrowing money.
The monthly cost of your homeowner’s insurance.
Property Taxes.
A tax based on the value of the house where the property is located and that funds things like schools, roads and other local services.