Updated April 2026: This post has been refreshed with current mortgage insurance guidelines and updated information on escrow accounts and property tax adjustments in Washington State.
Your mortgage payment typically includes principal and interest and may also include property taxes and homeowner’s insurance. In the mortgage industry, this is often referred to as PITI — Principal, Interest, Taxes, and Insurance. If you have less than 20% down payment or home equity, you’ll likely have some form of mortgage insurance as well — unless you qualify for a VA mortgage, which has no monthly mortgage insurance. Some portions of your mortgage payment may change over time. [Read more…]
If you’ve ever looked at your mortgage payment and wondered why taxes and insurance are bundled in, you’re not alone. Many homebuyers ask whether they can simply pay those bills themselves — and the answer depends on how much equity you have and what your lender requires. 
