Since you have a shorter time to pay off the full principal (e.g., 20 years instead of 30), your new monthly payments will be much higher than those of a standard 30-year fixed loan.
: For the first few years, your payments cover only the interest charges. Your loan balance remains unchanged unless you choose to make voluntary principal payments. interest loan mortgage
An allows you to pay only the interest on your home loan for a set introductory period, typically ranging from 3 to 10 years . This keeps your initial monthly payments significantly lower than a traditional mortgage, but it comes with a trade-off: you are not paying down the principal balance or building home equity during this time. How Interest-Only Mortgages Work Since you have a shorter time to pay