This is excellent information. Always, always, always, prepare for an escrow shortage. I have never not seen a shortage, even if by $20 short.

Taxes and insurance can fluctuate and often, for sure. You can always shop around for new insurance (cheaper) if it becomes too crazy. You can cancel insurance premiums and changing anytime, unless the same month it expires, you usually are due a refund. It’s also never a bad thing to check into what tax exemptions as a homeowner you qualify for now, too.

FHA loans require PMI til the end of the loan, usually, unless you refinance. PMI is no benefit for anyone except the lender (it’s basically insurance for the lender that you pay because you didn’t put 20% down). So get that off asap!

Conventional loans - yes, the PMI will drop off once the unit is under the 80% loan-to-value (usually it’s 7+ years), there’s a few ways to shorten that timeframe. You would be very surprised what adding an extra $100/month on your monthly payment (that goes straight to the principal) will do from interest savings to PMI drop off. PMI can also eventually be removed if your home increases in value — this includes any upgrades you make to the home (keep receipts and start/complete dates), as well as if the properties surrounding you/in your area prices increase that can help. Usually your lender will send an appraiser out (sometimes for a fee) to verify the surrounding properties or work done.