Renting is getting old so I'm starting to think about buying a condo. I don't know much about mortgages but I'm going to start doing all my hw... A friend of mine did a interest only mortgage and was explaining it to me. It sounds pretty cool as his monthly payments are lower than what I'm paying for rent. Can anyone explain to me the good/bad about interest only mortgages? I live in Chicago and condos start at 300k. Since I don't have rich parents coming up with a 20% down payment would be impossible.