What does a mortgage payment cover?

Most loans have 4 parts which are abbreviated to PITI and sometimes PITIA if there is an Association such as a condo association fee or a homeowner association fee.  The parts are defined as:

Principal: the repayment of the amount you actually borrowed

Interest: payment to the lender for the money you've borrowed

Homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders

Property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year.