When calculating a total monthly house payment, which of the following is NOT included?

In the context of calculating a total monthly house payment, gross monthly income is not included. The total monthly house payment typically comprises multiple components that directly relate to the costs associated with homeownership. These components commonly include the principal repayment, the monthly interest cost, and property taxes.

Principal is the portion of the loan amount that is paid back over time. Monthly interest cost is the expense incurred based on the remaining loan balance and the interest rate applied to it. Property taxes are a required payment to local governments based on the assessed value of the property. All these factors contribute to the total amount a borrower is obligated to pay on a monthly basis for their mortgage.

Gross monthly income, on the other hand, pertains to the borrower's earnings before any deductions, and it is utilized to determine the borrower's ability to repay the loan rather than being a component of the monthly payment calculation itself. Therefore, while gross monthly income is essential for establishing mortgage eligibility and understanding financial capacity, it does not directly factor into calculating the total monthly house payment.