Home Refinancing Magazine

My husband and I live in Southern California and we are planning on getting pre-qualified for a home soon. I want to know what to expect as far as the amount of a home loan we can qualify for. My husband and I’s net income is about $90k per year together. Our credit scores are both between 720 and 735. We have no credit card debt or student loans. Our only monthly debt is our vehicles, which combined is $950 a month. Online affordability calculators show a loan amount around $230 – $250k, which is pretty crappy for homes in southern California. How accurate are these calculators? Could we qualify for more?
We have about $15,000 to put towards down payment and closing costs now and we hope to have another $5k at least buy the time we buy.

I am 20 and my bf is 21. I think it’s a great time to buy a home but I have no idea how to. We curently rent for $1120 a month. We can easily make payments. However our income combined is really quite low. Im overwhelmed. How would we even get approved for a loan. I used a loan calculator on my bank’s website and we only got approved for $100,000. We would need at least $200,000 in our city. I have enough in savings to cover a down payment. How and what do I do, if anything? Should I wait to buy until I’m older? Im just worried that if we wait a couple years, the market will be way up and buying will be a lot harder. Any advide is appreciated. Thanks.
Side note: We have been living in our own place for over a year. We have been together for three years and will be getting married within the year. We have no debt. He has amazing credit and I have no credit.

IIf I borrow 55,180.14 for 5 years at 3% what will be my annual payments