this post was submitted on 25 Sep 2023
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Our mortgage payment is going up $125/mo because property values went up. Idk how in gonna afford that
$200 here and that's after it went up $200 last year.
Edit. Sounds like OP might be talking about property taxes, not mortgage principal.
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It sounds like you have an adjustable rate mortgage. If so, it is the national interest rate that is driving that up.
Your increased property value doesn’t drive up your mortgage. That is fixed.
No, that doesn't mean that. They likely pay their property taxes through their mortgage via escrow. Since it all comes from the same payment, that means their mortgage payment rose, even if it wasn't tied to the actual mortgage.
This
Property value in most places absolutely sets your taxes, which is part of your monthly mortgage payment
So yes, the principal+interest doesn't change but when most people talk about their monthly mortgage they talk about the total amount they pay to live in their house that they're making payments on
Are you in the U.S.? We have 30 year fixed mortgages here your monthly payment shouldn't be going up. Or did you mean property taxes?
Many mortgages just have the property taxes rolled into them
So it's probably property taxes, but it's showing up on the mortgage payment