Definition: Mortgage means an agreement to lend money for a home or other property, and it has two main parts: 1. Interest rate: The percentage of interest that you have to pay on your loan. 2. Principal amount: The value of the house or other property that you are lending money to. The word 'mortgage is 50' means that if you borrow $50,000 from a lender for a home loan, they will pay back $50,000 in interest over 20 years. So in simple words, the mortgage payment would be 50% of your monthly income or 50% of total income (the amount you are borrowing) for 20 years. Mortgage is a type of loan that many people take out to buy a home or other property, and it can be an important financial tool.
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