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.
A general rule in qualifying for a home mortgage is that your debt-to-income ratio be no higher than 28/36 percent on conventional loans and 31/43 percent on Federal Housing Authority (FHA) loans. Ratios above this may mean that you will be denied credit or subjected to a higher mortgage interest rate.