Rent or mortgage payments are regular financial obligations that individuals or families must meet to secure housing. When renting, a tenant pays a landlord for the use of a property, typically on a monthly basis. This payment does not build equity, meaning the tenant does not own the property. In contrast, a mortgage payment is made by a homeowner to a lender in exchange for borrowing money to purchase a home. This payment usually includes principal, interest, property taxes, and insurance. Over time, as mortgage payments are made, the homeowner builds equity in the property, which can increase its value.