Interest Only mortgages are tricky, because they can be misleading.|
An interest only mortgage allows you to pay only the interest portion of your loan each month. But that is only for a limited amount of time.
Once that initial period is over (normally 10 years), your loan will then recast and your payment will be calculated based on principal and interest for a payoff due in the remaining years. That could be a significant jump, so please get specific details before choosing this type of loan.