Why did my mortgage payment go up?
With a fixed-rate mortgage, the principal and interest on your loan is fixed. However, the amount deposited to the escrow account can fluctuate depending on local tax and insurance rates.
If your yearly taxes or insurance premiums change, your mortgage payment will change to account for the overage or shortage in your escrow account.
An escrow account is established to help ensure that your taxes and insurance are paid. Part of your monthly payment is deposited into your escrow account. At a future date, the funds in the escrow account are used to pay real estate taxes, homeowner's insurance and any mortgage insurance that may be required for the loan