Most home loans payments will pay the principal-and-interest in the home. This means that your regular payments will reduce the principal (amount borrowed) as well as paying off the interest. With an interest-only loan, you only pay interest on the amount you have borrowed for an agreed period of time (usually up to 5, 7 or 10 years).
What does an Interest-Only Loan will offer you?
Lower Monthly Payment: Because you are paying the only the interest on the loan, your monthly payment is lower.
Payment Flexibility: When you have an interest-only loan, it gives you the flexibility to either make your interest-only payment or put an additional amount that goes to the principal.
Free Up Money: Because your payment is significantly lower than a fully amortized payment, this frees up money for other things. The smartest way to use the money that you have freed from paying towards your house is to put it towards...
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