What makes up your loan payment?
Your payment normally consists of Principle & Interest, Home Insurance, County Property Taxes, Mortgage Insurance.
What is P & I?
P&I is the principle and interest you are paying on your loan. It's normally shown in one lump sum but you can normally find it broken down on your amortization schedule.
Your Home Insurance is escrowed into an account by your mortgage company and is paid annually by them. Same with the Country Property Taxes. You can elect to pay for them yourself but it tends to be easier to have them taken out of your payment and paid for by the mortgage company.
It's important every year to review your home insurance and make sure you are getting the best rate for you coverage. If your home owners insurance goes up, so does your monthly mortgage payment.
Mortgage insurance is paid if your housing loan is greater than 80% of the homes value. People will refinance when the housing market increases their home value to drop their mortgage insurance. This can save you thousands of dollars over the life of your loan. If you have an FHA loan now, you will pay for the mortgage insurance for the life of that loan even if your house value appreciates.
The Consumer Financial Protection Bureau has a handy Loan Estimate Explainer here.
It's always good to have a mortgage lender you trust that will explain your options that are available to you.