A. Your mortgage payment is how you pay off your home so that you will eventually own it outright. However, in paying your mortgage you are also covering a few more expenses as well. Mortgage payments will usually also cover interest, property tax, and homeowner’s insurance.
How much you pay for your mortgage will depend both on the cost of your house, and on the size of your down payment. For example, if you put 20% down on the house, your mortgage will be smaller than if you put 10%.