Will my mortgage payment change?

[Zachary Critchett]

Hello, If my property tax assessment goes up or down will my mortgage payment go up or down? Also, if the property is paid off am I required to pay the entire tax year at one time? And will the payment be fixed or does that change as well? Thanks for any information! - Zac

[Fred Heller]

If you're escrowing the property tax and insurance, your monthly mortgage payment will go up as taxes and insurance go up.

If you're not escrowing the property tax and insurance, then your mortgage payment will remain the same.

I can't speak for Oregon when it comes to property taxes, but here in Texas property taxes are due in full in January. You can make payment arrangements to pay off the property taxes over several months, but it will cost you.