The answer isn't just what a lender may approve — it's the payment you're actually comfortable carrying.
Your comfortable home-buying budget should account for income, existing obligations, down payment, cash reserves, interest rate, taxes, insurance, HOA dues, lifestyle spending and future goals. Two buyers with identical incomes can feel very differently about the same monthly payment. That's why I start with the payment you're comfortable carrying and work backward to an appropriate purchase price.
Adjust the numbers to see an estimated monthly payment, including taxes, insurance, HOA dues and PMI where it applies.