There is also a three-digit code number assigned to each currency, in the same manner as there is also a three-digit code number assigned to each country as part of ISO 3166. This numeric code is usually the same as the ISO 3166-1 numeric code.
This calculator uses these guidelines for determining how much house you can afford, which are similar to common underwriting criteria that mortgage lenders use. 1  Your total mortgage payment should be no more than 28 percent of your gross monthly income.
In order to qualify for a mortgage, your maximum debt-to-income ratio must be 43% or less, so a smaller down payment will make it harder to qualify for a loan. The decision about how much you need for a down payment depends on a variety of factors including home prices in your market and your income. Find a good lender who will consult with you and help you make the best choice in the context of your individual financial plan.