Interest only loans can be a bit treacherous – I would try to pay a bit towards the principal everytime I can to get that down a bit. They are useful though when we have fluctuating income, on a short month we have less expenses that way and on a good one we can make up for it. It evens things out if handled right…
When you have a good year, watch that tax bracket like a hawk. I got blindsided one year – what a mess that was. Taught me a lesson.