Budgeting for upkeep
How to Build a Home Maintenance Budget: A Guide for New Homeowners
Build a home maintenance budget that works: rough rules of thumb, a sinking fund for big repairs, an emergency cushion, and how to rank repairs.
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Budgeting for upkeep
The mortgage payment is only part of the cost of owning a home. Taxes, insurance, HOA dues and repairs all change over time. These guides help you see them coming and set money aside before they arrive.
Budgeting for upkeep
How a Mortgage Escrow Account Works (and Why Your Payment Changes)
Learn how a mortgage escrow account pays your taxes and insurance, the 2-month cushion limit, annual escrow analysis, shortages, surpluses and refunds.
Frequently asked questions
Why did my mortgage payment go up?
If you have an escrow account, your payment usually rises because property taxes or insurance premiums went up. Your servicer reviews escrow at least once a year and adjusts the monthly amount.
How much should I save for home repairs?
There is no official number. Many planners use rough rules of thumb, but a better approach is to list your home's major systems, estimate when each will need work, and save toward those dates.
Can I pay taxes and insurance myself instead of through escrow?
Sometimes. Lenders may allow you to waive escrow on some loans, often with conditions or a fee, but many government-backed loans require it. Ask your servicer.
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