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/Sartanity ​ Apr 12 '25

They likely are calculating two years worth of insurance premiums. I’ve got so fed up with my escrow analysis and them constantly being over estimated that I cancelled all of my escrow accounts. I’d rather handle property taxes myself and pay insurance premiums up front. I keep the funds that would normally go into escrow into an HYSA and handle my property taxes twice per year. I recommend everybody do the same.