Your Monthly Mortgage Payment
Mortgage payments are divided into 4 parts:
Principal refers to the amount of money that you borrow to purchase a home. It is the outstanding loan balance at any point during the term
Intrest is the cost of borrowing the money.
Taxes assessed by your local government will likely be collected by your lender as part of your monthly payments, and then paid annually or semi-annually on your behalf, this is known as escrow.
Insurance like property taxes is usually collected by your lender in an escrow account. Insurance offers finanical protection.