Ask a lender how much you qualify for, and they'll give you a real number based on your income, debts and the current stress test. That number tells you your ceiling. It doesn't tell you what you should actually spend — those are two different questions, and mixing them up is how people end up house-rich and cash-poor.
Qualifying for a mortgage vs. affording one
Lenders qualify you using two ratios: your housing costs as a share of income (GDS) and your total debt load as a share of income (TDS). Both have federally-set ceilings, and the stress test adds a further buffer on top of your contract rate. That's a reasonable floor for "can you make the payment without missing rent," but it says nothing about your other goals — retirement savings, a renovation fund, the ability to take a lower-paying job you'd actually enjoy.
A simpler gut check
Before you get attached to a price range, run your own numbers separately from the qualification exercise. Take your take-home pay, subtract what you already save and spend on non-housing essentials, and see what's genuinely left for a mortgage payment, property tax and utilities combined. If that number is meaningfully below what you qualify for, that gap is worth paying attention to — it's the room you have for the rest of your life to still happen normally after you buy.
Where the calculator fits in
Our Affordability calculator will show you the lender's number. Use it, then sanity-check it against your own budget before you start touring homes at the top of that range. It's much easier to adjust your search before you fall in love with a house than after.