Depending on the mortgage that you choose, your payment will include principal and/or interest every month. A fully amortized loan will include principal and interest every month. As time goes on, the amount paid in interest decreases each month as the amount paid towards the principal balance increases. An interest only loan will have an established period of time in which you are able to make interest only payments. Once that established period of time ends, you would have to begin making fully amortized payments for the remainder of the loan term. If you choose a loan with a fully amortized payment, a bi-monthly payment plan may be of interest to you. By splitting your payment up to be paid every two weeks, you end up paying an extra payment per year which will pay your loan down faster. And, most people don’t feel any difference in their monthly budget.