Why did my mortgage payment change?

There're a few reasons your monthly mortgage payments can change:

You have an escrow account.
The monthly payment may change to reflect increases or decreases in taxes and/or insurance.

You may have a buy-down clause in the terms of your mortgage.
For mortgages that contain a buy-down clause, the monthly payments may vary in their amounts.

Those amounts change over time by increasing the amount by a percentage of the original interest rate, as defined in your mortgage terms.

You have one of the following types of home loans.

  • Adjustable-rate mortgages (ARM)
    The interest rate may increase or decrease at a specific time and periodically, as agreed upon when your home loan was opened.
  • Construction loans
    The payment amount is based on the current principal balance of the account and will change as additional disbursements are made.
  • Interest-only mortgages*
    The payment may change based on the amount of monthly interest charged.

*For interest-only mortgages, you'll have a preset amount of time to pay only the monthly interest charged. When that time is over, monthly payments increase with the addition of principal-only and/or escrow amounts. Review your terms for details.

Additional information about mortgage payments.

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