In fact, your payment likely will be "PITI"--principle, interest, taxes, and insurance. The insurance is included for the same reason. The lender wants to make sure that if anything happens to the property, that its loan won't become worthless.
A mortgage broker, lender, or Realtor can provide further information.
Hope that helps.
This means you will pay PITI; Principle, Interest, Taxes and Insurance
You can negotiate the Insurance yourself
The Taxes will be around 1-2% of the Selling price.
You may ask the Title Company for a HUD1 which will deliniate everything.
Good luck and may God bless