If your monthly payment increased, it might be due to changes to your escrow account or your interest rate. Both increases are common, and can happen at any time within a loan’s lifetime. If you make a payment that doesn’t include a recent increase, we recognize these as short payments.
Escrow
Your monthly mortgage payment is made up of three parts: principal, interest, and escrow. Your principal and interest are likely on a fixed rate and won’t change. Your escrow payments, however, will likely vary on a yearly basis due to tax or insurance changes.
Interest
If you have an adjustable-rate mortgage (ARM), your interest rate will change over the term of the loan to reflect changes in an index interest rate. You expect the interest rate to change periodically, as outlined in the loan’s origination documents.
How do I update my monthly payment amount?
If you make your payments through your online account, you won’t need to update your monthly payment because it will set the correct amount automatically. For BillPay or check payments, follow these steps:
BillPay
- Update the current payment amount by visiting your bank’s website and following the steps in Setting up BillPay.
Check
- Include the updated payment amount on your next check and check out Mailing a Payment for more information on where to send payment.