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Reply to "How much has your mortgage payment increased due to escrow? "
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[quote=Anonymous]Yes, generally your payment will go up year after year, as your property taxes go up (it's possible they will go down, but not as likely). For my mortgage: In 2005, at purchase, my property taxes were $3,314/year. Now, in 2013, they are $4,806/year. This equals a monthly mortgage increase of $124/month I also refinanced to a lower interest rate during this time, and since my home appraised at a much higher value than when bought, I was required to increase my homeowner's insurance. Homeowner's insurance went from $710/year to $1,600/year. This equals an additional monthly mortgage increase of $74/month So, in 8 years time, my mortgage escrow payment has increased $198/mo. If you were renting, you would expect your rent to increase as time goes on, so really, I don't think it's that bad.[/quote]
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