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The borrower pays only the interest on the principal balance without changing it for a set term in the interest only pay loan. The borrower may enter an interest only mortgage, pay the principal or convert the loan to a principal and interest payment loan at his/her option at the end of the interest only term.
A five or ten year interest only period is typical in the United States. The principal balance is amortized for the remaining term after this time. For example if a borrower had a thirty year mortgage loan and the first ten years were interest only, at the end of first ten years, the principal balance would be amortized for the remaining period of twenty years.
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