can someone explain why my mortgage went up this month by $100?

i am going to call and inquire but i feel like i've seen this before on the boards.

can someone explain how the escrow account works? why does it look like the escrow payment is a little higher? does it go down?

i thought, i would be paying xxx amount every month for the next 30 years.

tia!

Message edited 5/8/2012 11:02:18 AM.

Re: can someone explain why my mortgage went up this month by $100?

I am assuming your escrow your property taxes? As your property taxes go up yearly, your overall mortgage payment will go up as your escrow will go up to account for the increase in property taxes.

Your escrow will only go down if your property taxes or insurance decrease.

Message edited 5/8/2012 11:07:26 AM.

Re: can someone explain why my mortgage went up this month by $100?

gotcha! thanks!
i started doing a little investigative work
and that sound about right.

thanks!

Re: can someone explain why my mortgage went up this month by $100?

did your homeowners insurance go up??

Re: can someone explain why my mortgage went up this month by $100?

Also, sometimes it's just the way that the dates to pay insurance and tax payments fall, your excrow balance might fall below an arbitrary number they choose and they want you to beef it up a bit.