Looking forward to the day when I can pay off my mortgage, I recently upped my monthly payment. Not by a lot, of course --I'm not rich or anything-- but enough to strip off a year or more off my term. Win-win, I thought.
But today I get notice that my monthly escrow payment is going up. This a few days after I get notice from the county tax assessor that my property taxes have gone down.
It would seem that if my taxes go down, my escrow payment would follow. But no...taxes go down, insurance goes up. And it's not a wash either. If it was, I wouldn't mind so much.
But as it is, my extra principal payment...is now going to insurance. Ah, the wonders of rip-offism.