How much house can I afford?
The highest home price your income and debts support under debt-to-income (DTI) limits.
How this is calculated
Housing payment here means principal, interest, property tax and insurance. The front-end limit caps that payment as a share of gross monthly income. The back-end limit caps that payment plus your other monthly debt payments. Whichever allows less is the binding one.
The result is the highest price whose housing payment fits under the binding limit at your down payment, rate and term. The defaults of 28% and 36% are a common guideline; lenders and loan programs differ.