Other mortgages allow the borrower to handle on-going taxes and insurance premiums. You can reduce your monthly payment by paying more money at closing. A larger down payment reduced the size of the mortgage and the future payments. There are one-time taxes and fees required in making a mortgage. Some of these costs are charged when you apply for a mortgage, others are charged at closing, when the loan becomes official.
Lenders usually charge points as part of their cost to make the loan.
Some points and closing costs can be wrapped in, or added, to the loan amount. If not added to the loan, closing costs are paid by the buyer at closing. If you are considering a home in a neighborhood with a homeowners' association, check for an annual fee. Group ownership of amenities and exterior maintenance of condominiums add to your costs. Any costs related to the type of ownership should be considered in your budgeting.