About This Calculator:
To arrive at an "affordable" home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36%. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33% for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college.

Assumptions: We've assumed a 30-year mortgage term, annual property tax of $3,500 and homeowners insurance of $ - the national average, based upon the average yearly increase between 1998 to 2003, as posted by the Insurance Information Institute. And we do not factor in private mortgage insurance, which you'll owe if your downpayment is less than 20 percent of the purchase price. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.

*Include auto and student loans, alimony, child support payments and credit card payments.