Your house payment is primarily made up of four factors.  In addition, you may also be paying MIP or PMI in your house note, depending on the type of loan, down payment and loan to value (LTV).

PRINCIPAL - The amount borrowed or remaining unpaid; also, that part of the monthly payments that reduces the outstanding  balance of the mortgage.

INTEREST -   A fee charged for borrowing money. The interest rate is NOT set by the insurer of the loan (i.e., FHA, VA, Fannie Mae, Freddie Mac), but is largely regulated by the financial market and monthly economic indicators.

TAXES - Taxes charged by the state, county and city on the    property that you own. 

INSURANCE- Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism or other hazards.

Mortgage Insurance Premium (MI or MIP) - The fee paid by a borrower to FHA for mortgage insurance in the event of default of the loan.

Private Mortgage Insurance (PMI) - Insurance provided by non-government insurers that protect lenders against loss if a borrower defaults.  Fannie Mae and Freddie Mac generally require PMI for loans with loan-to-value percentages greater that 80 percent.