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What is the Total Annual Escrow Amount Needed?

April 26, 2017annual escrow needed total

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What is the Total Annual Escrow Amount Needed?

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An escrow account is used to collect funds that will be used to pay escrowed items, such as taxes, insurance, MIP (Mortagage Insurance Program) or PMI (Private Mortgage Insurance), etc. The Total Annual Escrow Amount Needed is the sum of the escrowed items per year. For example, PMI insurance is paid monthly. If the amount of your PMI payment is $100.00 per month, then the total amount to make this payment is $1,200.00 annually. Step 1 of your step by step analysis shown on your printed Escrow Analysis statement will help to explain the totals for your account.