A mortgage payment is calculated using four different components: principle, interest, fees, and insurance.
The standard four factors of a mortgage payment are interest, interest, taxes, and insurance. The primary component is the sum that is subtracted from your outstanding balance. Interest is a cost of borrowing money. The total amount of interest you pay is determined by your year rate and loan balance.
When you and a borrower enter into a mortgage, the lender is granted the power to seize you property if you are unable to pay back the loan amount plus interest. Mortgage loans can be used to borrow money or to purchase a home.
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