Besides the actual mortgage payment, which also factors into the monthly payment on a home? A. Repair costs
B. Renters’ insurance
C. Property taxes
D. Down payment
Besides the actual mortgage payment, which also factors into the monthly payment on a home?
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The correct answer is C. Property taxes.
In addition to the actual mortgage payment, monthly payments can also include property taxes, which are usually collected by the lender and placed into an escrow account to be paid on behalf of the homeowner. Other factors like repair costs and renters’ insurance may be expenses for homeowners but are not typically included in the mortgage payment itself. The down payment is a one-time upfront cost and not part of the monthly payment.