Correct
Your ISP will give you a /29
Lets pretend they give you 68.10.20.40/29
On your end you'll use those IP addresses however you see fit on your firewalls, but for a vIP it would look like this:
Network Address: 68.10.20.40/29
Usable IP: 68.10.20.41 – vIP
Usable IP: 68.10.20.42 – WAN1 – MX1
Usable IP: 68.10.20.43 – WAN1 – MX2
Usable IP: 68.10.20.44
Usable IP: 68.10.20.45
Usable IP: 68.10.20.46
Broadcast Address: 68.10.20.47
Subnet Mask: 255.255.255.248