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.
Your lender can give you a pre-approval mortgage letter, which can make it easier as you shop for a home. With pre-approval, your offer needn't include a loan contingency (a clause that says you have not yet been approved for a mortgage and are not obligated to complete a purchase if you can't get approved).