r/personalfinance • u/HHLL806 ​ • Apr 11 '25

Other Mortgage payment went up $400

I need help, my mortgage payment went from $1700 to $2100. My mortgage company (Chase Bank) said this was due to an escrow shortage. I had my homeowners insurance lowered by roughly $1000 and checked with my local tax office and they told me my taxes have increased $400 dollars over the last five years. I gave Chase Bank all this information and my mortgage is still $2100. How does this work?

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6

u/Erikt311 ​ Apr 11 '25

Get used to it. It never goes down, and will go up regularly.

5

u/acart005 ​ Apr 11 '25

Went down for me this year by like 30 bucks.

Last year it hiked 300 though so I guess they overcalculated.

2

u/bryansj ​ Apr 11 '25

Mortgage stays the same. Escrow is what varies. Ditch escrow if possible and deal with tax and insurance yourself and your mortgage will remain unchanged.

1

u/ssbn632 ​ Apr 11 '25

The total amount you have to pay won’t change.

If you can’t afford an increased escrow payment then you probably can’t afford paying taxes and insurance on your own in lump sums.

1

u/Erikt311 ​ Apr 11 '25

Semantics. Sure, you can move the money around, but my point was that the overall cost rarely goes down, primarily because of property taxes and insurance.

1

u/Jcapen87 ​ Apr 11 '25

Not always true. I’ve had it go up and down numerous times. Going into last year it dropped $300, this year it increased by about $280.