This type of loan allows you to have lower monthly payments by only paying interest on the outstanding debt unfortunately this of course results in no decrease in principle. (stockmonkeys.com)
If you don't have as much money coming in, refinancing at a lower interest rate or for a longer loan term would lower your monthly payments. (financialwellness.org)
While you don't get a better interest rate, you will likely have lower monthly payments at the expense of a longer loan term. (valuepenguin.com)