Definition: The Mortgage Interest Rate refers to the amount of interest that a mortgage borrower pays each month in order to make their monthly payment equal to the original principal loan amount. In general, the Mortgage Interest Rate can be calculated by subtracting the principal balance from the amount outstanding on your loan. This result is then divided by 12 months to determine how much interest you are paying each month. If your loan has a fixed interest rate (like a home mortgage), there will be an interest rate that applies at every single monthly payment. This can make it difficult for some people to understand if they're making too much interest, so the Mortgage Interest Rate is often set by your lender as a percentage of your total monthly payments. The word "mortgage" refers to any debt or loan where you owe money with interest on it. The term "40% income" refers to the amount of additional interest that would need to be paid each month if your mortgage was at 40% interest rate, which is a very high percentage for many mortgages. It's worth noting that this information should not be taken as legal advice, and you should always consult with a qualified financial advisor before making any significant changes to your financial plan.
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