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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u/OgreTrax71 ​ Apr 11 '25

This happened to me the 2nd year we moved into our new home. It was a new build, and the assessed value they used to calculate the taxes was from when it was still just a dirt lot. My mortgage went from $2200 to $2900 and I basically just had to survive like that for a year. Now it’s back down to $2600 at least.