Hosting and Pricing
In order to understand what is the hosting, we will make the following analogy.
Every person needs a home (building, place) to live in. That means that we need the physical place for all the things we own.
Likewise, the site needs the place where all of its files and necessary components will be stored. So the hosting is the server that stores all your site integral parts so it could be reached via the Internet.
These can be “hosted” at a hosting company. There are many hosting plans which are usually billed annually but can be paid monthly as well. The rates will vary from $50/year (standard) up to $100/month (or even more) (VPS) depending on what type of the server do you need and how much space and bandwidth do you use.
Domain and Pricing
The domain is your site name that appears in the address field of the browser and will look something like website.com, www.website.com or https://www.templatemonster.com. Each domain has the physical IP address that is assigned to it, for example, 184.108.40.206 but it is usually used on the production stage only.
The domain name and the hosting can be purchased from different companies but it is better for the domain to be hosted by the same company in terms of technical assistance. Although, it is a standard procedure to point the domain name to the hosting if they were bought from separate providers.
The domain name price for a regular .com, .org, .net name will be around $10/year.
The so-called custom names as .tv, .fm, .uk and so on will cost about $60/year. They can be paid on the daily or monthly basis as well.
So the domain is your site name that people enter in a browser and the hosting is a place where your site integral parts are located so that it can be viewed on the Internet.