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Interest only mortgages are available just to be used until another mortgage "kicks in." Certain types of mortgages and other loans, usually temporary loans and Home Equity Lines of Credit (HELOCs), require only the interest to be paid. With an interest only payment loan, it doesn't matter how many monthly payments are made because the principal never increases or decreases. This is why there is no "number of payments" entry on the form. Interest only payment mortgages are often private mortgages that are written for a limited period of time while the buyer is securing a standard mortgage. These mortgages are popular in situations such as rent with option to buy arrangements. When only interest is being paid,and the loan will never be paid off. There is no such thing as an interest only Amortization Table because with an interest only loan no amortization takes place. The same amount is owed at the end of the loan as was owed at the beginning. In other words, the final amount of the loan is the same as the original amount.
