You are currently renting an apartment and want to purchase a home, but you are unsure of the price you can afford. You know you can afford your monthly rent of $2,500 and you have been tucking away an additional 20% of that amount towards a down payment on a new house. So, you figure you can add that into what you can afford to pay in a mortgage payment. Now you just have to figure out how much of a home that will get you. To keep your payments as low as possible you are only looking at 30 -year mortgages and the current market interest rate is 5.15\%. You also know that you will need to put at least 20% down. What is the maximum loan amount you can afford and what is the maximum price you can afford to pay on a home