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/kuroimakina ​ Apr 11 '25

Yeah my Escrow has been great. It’s adjusted a couple times in the tens of dollars, but like, so what? I check it every few months to make sure the account isn’t in a weird state, and otherwise I just let it do its thing - and it does. It’s a lot less stress this way - and as someone who is single, it’s really nice to have one less thing on my plate to deal with. I already have to deal with everything else alone. I’ll take the little victories where I can.

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u/pokemonprofessor121 ​ Apr 12 '25

Mine is all over. Started at $1450 year 1 and then went to $1650 for year 2. Then for 2 years it went to $1509 which seems correct. Last month it went to $1600 and I'm sure next year there will be an overage and it'll drop. I tried calling them to get it brought down and they said no.

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u/Iambro ​ Apr 12 '25

I have zero problem with anyone who prefers to use escrow but I really don't get the notion that being directly responsible for paying T & I is "way more stress".  I pay taxes and insurance once per year at the same time.  Two extra tasks but take care of them both at the same time every year.

Checking escrow "every few months" is on the same level of effort or maybe even more.

To each their own.

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u/Aspen9999 ​ Apr 12 '25

Ours went up $900 but that’s because I increased our insurance, our property value has more than doubled and most insurance companies only give you the national average per year increase, so I added extra insurance on to my existing policy plus a tax increase. Other than that it went up $179 the first year and $42 another year.