Apparatus and methods for converting a scheduled loan payment between a composite amount and an interest-only amount. A scheduled loan payment may be converted between a composite amount and an interest-only amount. The composite amount may have a first component that includes outstanding principle and a second component that includes interest based on the outstanding principle. Loan payments in the composite amount may be received for a period of time. Upon request by the customer for activation of a payment schedule conversion feature, subsequent scheduled loan payments may be converted from composite payments to interest-only payments. After the payment schedule conversion feature is deactivated, the apparatus and methods may convert subsequent loan payments from interest-only back to a composite amount. Conversion to interest-only payments may be subject to satisfaction of lending risk attenuation criteria.