are online mortgage calculators that tell you “how much can you afford” accurate?

My monthly income is 5500 before taxes. I have no debt (i even own my car) and I have 20k to put down and it is telling me that I can only get a loan on 200k house????? I know a friend of mind who makes less than I do who got a loan for 300k just last year. What is the deal.
oh, and my credit score is 730

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