Payer swaption gives you the right to pay the fixed rate. It means when the fix rate is going up, you still pay the original fix rate that you locked in the swaption. So.. it is type of put option which means you can pay at the fixed rate by gaining profit.
如果利率下降的话,long payer swaption的人可以选择放弃这个权利, loss = cost
Long payer swaption相当于long put on libor + short fixed income security (fixed interest rate = put strike). 如果利率上涨了,不行使权利,gain = (floating - fixed rate) - cost; 如果利率下降了,行使put option, loss = cost