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A standard mortgage payment includes principal (reducing your loan balance) and interest (the cost of borrowing). If you enable the advanced options, you can also include property tax, homeowner's insurance, and PMI — together known as PITI.
A 15-year mortgage has higher monthly payments but dramatically lower total interest — often saving $100,000 or more on a typical home. A 30-year loan offers lower monthly payments and more financial flexibility, but you pay significantly more over the life of the loan.
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. It protects the lender — not you — and usually costs 0.5%–1.5% of the loan amount annually. PMI can be removed once you reach 20% equity in your home.