If so, the lender collects the payments and holds them in escrow until your tax bill is due. If you have a mortgage, your property tax bill may be included as part of your monthly mortgage payment. Local governments collect these taxes to help fund projects and services that benefit the entire community-such as roads, schools, hospitals, and emergency services. Taxes: Everyone who owns real property (i.e., real estate) owes property taxes.On a 30-year fixed-rate mortgage, that "tipping point" happens about halfway through the loan term. Eventually, that shifts so that more of your payment goes toward the principal. In the early years of your loan, more of your monthly payment applies to interest. Interest: The cost to borrow the money. Mortgages are structured so that the amount of principal you repay each month starts low and increases over time.
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