A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed rate or adjustable rate mortgages as wells as on option ARMs. At the end of the interest only period, the loan becomes fully amortized, thus resulting in greatly increased monthly payments. The new payment will be larger than it would have been if it had been fully amortizing from the beginning. The longer the interest only period, the larger the new payment will be when the interest only period ends.

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You won't build equity during the interest-only term, but it could help you close on the home you want instead of settling for the home you can afford.

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Since you'll be qualified based on the interest-only payment and will likely refinance before the interest-only term expires anyway, it could be a way to effectively lease your dream home now and invest the principal portion of your payment elsewhere while realizing the tax advantages and appreciation that accompany homeownership.

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As an example, if you borrow $250,000 at 6 percent, using a 30-year fixed-rate mortgage, your monthly payment would be $1,499. On the other hand, if you borrowed $250,000 at 6 percent, using a 30-year mortgage with a 5-year interest only payment plan, your monthly payment initially would be $1,250. This saves you $249 per month or $2,987 a year. However, when you reach year six, your monthly payments will jump to $1,611, or $361 more per month. Hopefully, your income will have jumped accordingly to support the higher payments or you have refinanced your loan by that time.

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Mortgages with interest only payment options may save you money in the short-run, but they actually cost more over the 30-year term of the loan. However, most borrowers repay their mortgages well before the end of the full 30-year loan term.

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Borrowers with sporadic incomes can benefit from interest-only mortgages. This is particularly the case if the mortgage is one that permits the borrower to pay more than interest-only. In this case, the borrower can pay interest-only during lean times and use bonuses or income spurts to pay down the principal.

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當每月還款不包括一定時期內的本金償還時，抵押貸款稱為“僅利息”。固定利率或可調整利率抵押貸款以及期權 ARM 均提供僅利息貸款。在只付息期結束時，貸款全部攤銷，從而導致每月還款額大大增加。新的付款將比從一開始就完全攤銷的金額更大。只付息期越長，只付息期結束時新支付的金額就越大。

 

您不會在只付利息期間建立股權，但它可以幫助您關閉您想要的房屋，而不是購買您負擔得起的房屋。

 

由於您將根據只付息付款獲得資格，並且無論如何都可能在只付息期限到期之前進行再融資，因此這可能是一種有效地現在租賃您夢想中的房屋並將您的付款的本金部分投資於其他地方的一種方式，同時實現伴隨房屋所有權的稅收優惠和升值。

 

例如，如果您以 6% 的利率借入 250,000 美元，使用 30 年期固定利率抵押貸款，您的每月付款將為 1,499 美元。另一方面，如果您以 6% 的利率借入 250,000 美元，使用 30 年期抵押貸款和 5 年期僅利息支付計劃，您最初的每月付款將為 1,250 美元。這為您每月節省 249 美元或每年節省 2,987 美元。但是，當您進入第六年時，您的每月付款將躍升至 1,611 美元，或每月增加 361 美元。希望您的收入會相應增加以支持更高的付款，或者到那時您已經為貸款再融資。

 

只付利息的抵押貸款可以在短期內為您省錢，但實際上在 30 年的貸款期限內它們的成本更高。然而，大多數借款人會在 30 年的完整貸款期限結束之前償還抵押貸款。 有零星收入的借款人可以從只付利息的抵押貸款中受益。如果抵押貸款允許借款人支付的不僅僅是利息，則情況尤其如此。在這種情況下，借款人可以在經濟不景氣的時候只支付利息，並使用獎金或收入突增來償還本金。

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