You can afford monthly payments of $$700.$ If current mortgage rates are $2\mathrm{.}85\%$ for a $15-$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.$)$