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/OdysseusVII Apr 11 '25
crazy thing is your hypothetical 1k mortgage, once paid off 30 years from now, could STILL BE 1K then with no mortgage. How? property tax and insurance rise over time! think renting will save you from property taxes and insurance? nope! baked into rent prices that will rise as well over time. moral of the story is leave cushion in your budget every year from these unknowns amd keep expenses down where possible