Question

Besides the actual mortgage payment, which also factors into the monthly payment on a home?

Answer 1

Answer: Renters' insurance and property taxes.

Step-by-step explanation:

The monthly mortgage payment includes the principal payment, interest, and escrow account payment.

The escrow account includes the homeowners or renters´ insurance, plus property taxes and, in some cases, private mortgage insurance.

Most homebuyers own an escrow account, which is used by the lender to pay property taxes and homeowners insurance.

Answer 2

The correct answer is C) property taxes.

Besides the actual mortgage payment, other factors into the monthly payment on a home are property taxes.

Your local government is going to levy taxes on your property, according to the place you live. Probably, many jurisdictions may levy taxes such as the federal government, state government or the municipality. This represents the largest revenue for local governments. In some places, the tax is not a real burden for the citizen. In other places is a considerable sum of money that the contributor has ti pay.

The other options of the question are A) repair costs. B) renters' insurance. D) down payment.