You can afford monthly payments of $700. If current mortgage rates are 2.82% 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? 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.)