03/28/2008 02:45 am ET Updated May 25, 2011

Which Homes Should You Look At!

f you were to look for a new home to buy today, how would you decide what price range to consider? Here are some formulas you might consider:

* If you've got ample savings socked away, you may be in the enviable position of being able to pay 20% or more down on a new home. This means you won't have to pay for private mortgage insurance (PMI). So if you have $50,000 at your disposal, you might want to look at homes that cost up to $250,000. (Note that if you're currently paying PMI and you've now accumulated more than 20% in your home equity, you can look into getting rid of that PMI.)

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