If you borrow more than 80% of the value of your home (or if you choose to have one), an impound (escrow) account is set up by the lender to deposit the monthly portion of your property taxes, insurance, and mortgage insurance collected with your mortgage payment. The account is typically started with 2 months each of taxes and insurance, and 3 months of MI if you are paying monthly. But sometimes, the lender collects up to 8 months' worth of property taxes up front. The amounts and how they are figured can be confusing, so just ask. Escrow officers, who are responsible for calculating all this stuff in the final settlement, are usually the best source and will know the fiscal dates for your county. Your loan agent will know the mortgage insurance rates and how to calculate taxes and insurance.