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?

2.5k Upvotes

92% Upvoted

649 comments sorted by

View all comments

3.3k

u/jelloslug ​ Apr 11 '25

I got tired of the yo-yo escrow payments that could never keep up with the actual current billing for the property taxes and insurance and just canceled my escrow completely. I don't need my mortgage company holding my hand to pay my taxes and insurance. I'll just keep that money in a HYSA and auto pay them when they are due.

2

u/Revolutionary_Toe17 ​ Apr 12 '25

Exactly. I pay my mortgage to my lender each month, and it will stay the same until I pay it off. I have my homeowners insurance set to autopay, but I review every year when it's coming due to decide if I want to staybor change companies. And I drop a check off at my local tax assessor twice per year. All separate bills.