You can afford monthly payments of $600. If current mortgage rates are 3.44% for a 30-year fixed rate loan, how much can you afford to borrow? If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) How much can you afford to borrow? $ (Round to the nearest dollar as needed.) How expensive a home can you afford? $ (Round to the nearest dollar as needed.)