Welcome to the American dream home ownership. Your house payment consists of your loan, home owners insurance, and property taxes (if you have those). While the loan payment might not change the last two can and do throughout the life time of the loan. No one tells you that though. So while you are told a payment of 1200 per month next year you it can go to 1800. So let's say the government appraised your property at 50000 you bought it for 100000 that first year you pay taxes on the 50000 and bam next year you pay it on 100000, the value increased, taxes go up, and so does the insurance costs. There's you 600.00. Pretty messed up huh?
big20x t1_iybjz1j wrote
Reply to $600 Mortgage Payment Increase??? by NachoDog1000
Welcome to the American dream home ownership. Your house payment consists of your loan, home owners insurance, and property taxes (if you have those). While the loan payment might not change the last two can and do throughout the life time of the loan. No one tells you that though. So while you are told a payment of 1200 per month next year you it can go to 1800. So let's say the government appraised your property at 50000 you bought it for 100000 that first year you pay taxes on the 50000 and bam next year you pay it on 100000, the value increased, taxes go up, and so does the insurance costs. There's you 600.00. Pretty messed up huh?