BoxingRaptor t1_j6mqebc wrote on January 31, 2023 at 12:55 PM

> My brother in law got his house for almost $300,000 and our house payments are almost the same.

You can't use that as a comparison. What was the actual financed amount of his house? What is the rate on his mortgage? What are the property taxes like in his area? Does he have certain features in his home that would help lower the insurance premiums?

Your escrow amount will increase for 3 basic reasons:

You have an adjustable rate mortgage, and your rate went up (fairly rare these days).

Your property was reassessed, and your property taxes went up.

Your insurance premiums went up.

Or it could be a combination.

DirtyRugger17 t1_j6mqyvh wrote on January 31, 2023 at 1:01 PM

Could also be OP isn't adding up everything they're paying out of escrow. Other potential costs are PMI and flood insurance

BoxingRaptor t1_j6mr52z wrote on January 31, 2023 at 1:02 PM

Yep, fine point, those will certainly add to it as well.

MapsAndRivers t1_j6mu3cd wrote on January 31, 2023 at 1:28 PM

I don’t have flood insurance but you know what I think you’re right. I’m not calculating PMI. I didn’t even think that it was included in escrow. I thought my payment was made of four parts: payment, interest, PMI, and escrow. I didn’t know PMI was added into escrow.

DirtyRugger17 t1_j6pgtst wrote on January 31, 2023 at 11:37 PM

If you're sure you don't live in a flood plain fine, but they will buy it for you if you are. If you're not sure and think it may be possible I'd double check.