Definition: The word "mortgage" refers to a type of loan that involves paying back a sum of money at regular intervals over a period of time, typically for a fixed amount of time. In the context of taking home pay, mortgage 25 often refers to a portion or part of your monthly income. This can include contributions to savings plans like a retirement account, or your mortgage payment itself. A "mortgage" is essentially the sum of all these components, and it is typically arranged in such a way that you are able to control where the money goes. It's as if the borrower is renting their home with an option to pay off the mortgage over time based on the income they receive from taking home pay. The term "mortgage 25" refers to a specific portion of monthly income, typically between 10% and 30% of your total take-home pay. This means that if you earn around $40,000 per year, for example, the amount of mortgage you can be taking up with around 25% of your income would be approximately $6,000 to $11,000 (depending on how much you have saved and how you choose to use it).
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