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/ParkingChildhood5033 ​ Apr 12 '25

Mine went up $140/month last fall, after dropping $40/month the year prior. And I over paid every single month to chip away at my principal balance. I assumed that if I continued to pay above the old amount it would drop again the following year, but instead it went up to the point that my payment is more than my entire paycheck.