It looks like you're using an outdated browser.
For a better experience, we recommend switching to a more modern browser like Google Chrome or Microsoft Edge. Learn more.
Online Banking Login

Escrow Assistance

Ensuring your taxes and insurance are covered

Each month, when you make your mortgage payment, a portion of your payment is deposited into your escrow account. These funds are then used to pay your property taxes and homeowners insurance throughout the year. Since these payments can fluctuate from year to year, we review your escrow account annually to adjust for any changes to your insurance premiums or property taxes.

Changes to your mortgage payment are effective March 1st each year.

Commonly Used Terms


The amount we maintain in your escrow account to cover unanticipated payment increases in property taxes or insurance. Generally, we maintain the maximum permissible, which is two times the total new monthly escrow payment amount.


The amount in which the escrow account will be short after calculating the coming year projections.


A negative balance in which the escrow account at the end of the calculation year.


The excess amount in the escrow account after calculating the upcoming year.

Escrow Analysis

An escrow analysis is performed each year to ensure that your monthly escrow payment will be sufficient to cover your annual property taxes, insurance, and/or Private Mortgage Insurance (PMI) as they become due. The escrow analysis identifies any overages or shortages that may occur in your escrow account after disbursement of taxes and insurance. The escrow portion of your total monthly mortgage payment is adjusted to reflect any increase or decrease in the amount of funds paid out from the escrow account

Why did my mortgage payment change?

Property taxes and/or insurance premiums typically change yearly, which affects the escrow portion of your mortgage payment. This increase or decrease may result in an escrow shortage/deficiency or surplus. Your escrow payment for the upcoming year is projected by using the premiums paid from the previous year.

Partial Escrow Shortage Payment Calculator

If your escrow has a shortage/deficiency, you have the option to make a partial payment up front. This calculator can help you explore various shortage payment amounts and see what your new monthly mortgage payment will be.

Frequently Asked Questions

Shortage/Deficiency Questions

A shortage/deficiency indicates that your actual escrow account balance is less than the amount required in the escrow account. This is typically the result of taxes and/or insurance premiums increasing from the prior year’s projections. As part of the annual analysis, we automatically recalculate your payment to include the shortage/deficiency so that you can pay it back over the course of the next 12 months, interest free. You may also choose to pay your shortage/deficiency in full at the time the analysis is completed to lower the new payment amount.

Can I pay my shortage/deficiency in full and have my payment lowered?

Yes, you may pay part or all of your shortage/deficiency to reduce your monthly escrow payment.

If you choose to pay a portion of your shortage/deficiency, we will recalculate the escrow analysis to include the portion paid and the new escrow payment amount.

If I pay my escrow shortage/deficiency, will my payment go back to what it was?

Since property tax and insurance premiums vary each year, it is unlikely that your escrow payment will remain the same, even if you pay the shortage/deficiency.

How can I pay my shortage/deficiency?

Online BankingClick 'Contact Us' then 'Secure Forms. Under the 'Loan Servicing Forms' section, select the 'Escrow Shortage' form, fill out the information, and tap 'Submit.' 

Pay by Phone: Call (800) 447-7228.

Pay at an SCCU Branch Near You

By Mail: Send a check to:

Space Coast Credit Union
Attn: Loan Servicing Department
PO Box 419001
Melbourne, FL 32941-9001

I cannot afford to pay my full shortage. What are my options?

You may pay any portion of your shortage / deficiency, and a new payment will be recalculated. With this calculator, you can enter different partial payment amounts until you see the monthly mortgage payment that works best for you. 

  Surplus Questions

A surplus indicates that your escrow account balance is more than the amount required to be held in your escrow account.

The escrow account has more money than is required. When will I receive my refund?

If the escrow account has a surplus of $50.00 or greater, it will be automatically transferred into your Share Savings account by March 1st each year. Any surplus under $50.00 will remain in your escrow account.

My loan was modified, and my escrow statement is incorrect. Will my escrow be adjusted to reflect the modification?

If your loan was previously modified, you'll receive two statements—a statement showing the current status of your escrow account and a statement reflecting your agreed-upon escrow spread.