Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 9 months ago

How much do you pay on escrow and how frequently?

I just noticed I am paying two similar payments on escrow one in april and one in october but another one is coming out in september for a higher amount why is that?

The 3 amounts also seems high..over a quarter of my monthly payment goes to escrow

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  • 9 months ago
    Favourite answer

    The December and April payment are likely your property taxes.

    - this is when my taxes are due, but other states have other dates

    If there is an off cycle payment, it is likely your homeowners insurance.

    You can log into your escrow account and it will specify what the payments are, just like an ordinary bank account.

  • Eva
    Lv 5
    9 months ago

    One is for insurance, one for school taxes, and the other for town, county, and/or city or village property taxes. Once a year you will get a statement that shows what was paid, when, and how much.

  • Anonymous
    9 months ago

    I would pay escrow once a month.  Why don't you phone your lender and ask them?

  • 9 months ago

    i would call them up about it

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  • Anonymous
    9 months ago

    I pay zero. I own my house and pay my Property taxes annually.

    Escrow is sort of like a forced savings account so the money is set aside to pay large bills like property taxes and in some areas, other things like annual fire dues.

    It should not change that often.

    Even if its high, you are not losing money, it probably means it will go down in the future.

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