Q.How can I figure out what price home I can afford to buy? For example, with an income of $190,000 a year, what price range should I be looking in?

A.The old rule of thumb was that you can borrow about 2.5 times your income. But we've got a more exact way to figure it out.

One of our mortgage calculators will give you a far more specific estimate on how much you can afford to borrow and spend for a home and what your payments would be.

The calculator will ask what your interest rate will be. Due to increased limits on jumbo loans, you likely will be applying for a conventional loan. You can compare rates offered on a 30-year, fixed-rate loan by checking our extensive database of mortgage rates.

You don't have to pick a lender. Just enter an average of some of the rates offered. You'll get a pretty good estimate of the price range that fits your budget.

Before you start house shopping, you should get prequalified by a lender. Then you'll know exactly how much a lender will allow you to borrow and the entire buying process will go more smoothly. Our primer on preapproval will walk you through the process.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.