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Whitney Proctor

Answers by Whitney Proctor

1 answers · 5 pts

Why did my mortgage payment go up??

Asked by Patrick | Rockford, IL | 03-16-2026

Whitney Proctor
Whitney Proctor03-16-2026 (4 weeks ago)

Your mortgage payment is typically made up of principal (the amount that goes towards your loan balance, interest (the amount you pay in exchange for borrowing the money) and escrow (taxes and insurance) - if your interest rate is fixed then likely either your taxes or insurance increased. This was a tax assessment year for a lot of people and when the values went up that made a lot of tax bills increase as well.