How to Reconcile Mortgage Payments
- 1). Obtain your current month's statement. Retrieve your paper copy or download a copy off your lender's website. If neither method is possible, contact your lender and ask for a copy. Obtain the previous month's statement in the same manner.
- 2). Write down your ending balance from the previous month. Compare it to the starting balance on the current month's statement. The figures should be the same.
- 3). Locate your payment breakdown on the current month's statement. Subtract the principal amount from the current month's starting balance. The resultant figure should match the ending balance of the current month's statement.
- 4). Retrieve a copy of your tax bill. Contact the local taxing authority if you do not have a copy in your records. Divide your yearly taxes by 12 to obtain your monthly tax payment. Compare this figure to the escrow amount on your mortgage statement. The figures should be the same.
- 5). Retrieve your homeowner's insurance policy. Divide the yearly premium by 12 to obtain the monthly amount. Compare this figure to the escrow for insurance on the mortgage statement. The figures should be identical.
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