Typically 10 years, though some lenders offer longer or shorter periods. During the draw period, you can borrow money, pay it back, and borrow again. You usually only pay interest on what you’ve borrowed, which keeps your payments relatively low.

After the draw period ends, you enter the repayment period (usually 20 years), where you pay both principal and interest. Your payments will likely increase significantly during this phase, so make sure you plan for that.