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Increasing Escrow

June 16th, 2008 at 06:49 pm

I decided to do some calculating on our escrow account. This is not the one associated with our mortgage for insurance and taxes. We have a escrow set up for ourselves to pay for annual or semi annual expenses.

In our case, we escrow for my life insurance, our auto registrations, auto insurance, and a gym membership. I will also be adding in money for dance/tumbling lessons.

Recently, we bought a van. As a result our insurance went up by $70/year. There is also a major increase to our registration fee since we traded an 11 year old van for one that is less than a year old. The increase for registration is $294.00

Old escrow payment: $124/mo

New escrow payment: $239/mo

I will start the new escrow payment amount in July.

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