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Interest-only loans shrink your monthly payment to nothing but interest — and that is precisely why they are dangerous and occasionally brilliant. Brilliant when used briefly by investors recycling capital; dangerous when homeowners mistake a lower payment for affordability and never build equity. This guide shows what the payment actually covers, what happens when the IO period ends, and the trap of assuming your property will do the wealth-building for you.
when it makes sense report
Typically 1-5 years at a time; lenders may require re-qualification or proof of a strategy when you extend.
Often slightly higher than principal-and-interest, because the lender carries more risk for longer.
Payments jump to cover principal too — often a big shock. Plan the step-up years in advance.
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