1001 - Hazard Insurance Impound
This impound represents the amount the lender withholds to ensure you pay your hazard insurance on time. Typically, the lender will impound two months of premiums at closing, and then collects 1/12th of the annual premium with each monthly payment. We have used a standard industry estimate of 0.35% of the property value to calculate the premiums, but the actual amount will be established by your insurance company.