Every piece of the monthly housing cost, itemised
Why escrow payments rise
In short
Escrow payments usually rise because property taxes or homeowners insurance went up, or because last year's account ran short. Your servicer's annual escrow statement shows the old and new amounts and any shortage being spread over the coming year. Compare it with your tax bill and insurance renewal.
Last reviewed against the primary sources listed below.
Check the statement
- Projected tax and insurance amounts.
- Any shortage and how it is being repaid.
- The new required cushion.
Line-item questions
Why did my escrow payment go up?
Usually higher taxes or insurance, or a shortage from last year.
Can I pay an escrow shortage at once?
Many servicers allow it; ask yours.