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To solve this problem, we need to calculate three things based on the given information:

- Monthly mortgage payment: \$1,700
- Interest rate: 6% annually
- Loan term: 30 years

### 1. **How big of a loan can you afford?**

We can use the formula for calculating the loan amount (present value of an annuity):

\[
P = \frac{M \times \left(1 - (1 + r)^{-n}\right)}{r}
\]

Where:
- $ P $ is the loan amount (what we're solving for).
- $ M $ is the monthly mortgage payment (\$1,700).
- $ r $ is the monthly interest rate (annual rate divided by 12). In this case, it’s $ \frac{6\%}{12} = 0.005 $ per month.
- $ n $ is the total number of payments (loan term in years times 12). Here, $ 30 \times 12 = 360 $ months.

### 2. **How much total money will you pay the loan company?**

To calculate the total amount paid to the loan company, we multiply the monthly payment by the total number of payments:

\[
\text{Total Paid} = M \times n = 1700 \times 360
\]

### 3. **How much of that money is interest?**

The interest paid is the difference between the total money paid and the loan amount:

\[
\text{Total Interest} = \text{Total Paid} - P
\]

Now, let's calculate this step-by-step.Here are the results:

1. **How big of a loan can you afford?**  
   You can afford a loan of approximately **\$283,546**.

2. **How much total money will you pay the loan company?**  
   The total amount paid over the life of the loan is **\$612,000**.

3. **How much of that money is interest?**  
   The total interest paid will be approximately **\$328,454**.

Let me know if you would like more details or have any questions!

### Related Questions:
1. What if the interest rate were 5% instead of 6%?
2. How much would the monthly payment be if the loan term was 15 years?
3. What portion of the monthly payment goes towards interest in the first month?
4. How does paying an extra \$100 per month affect the total interest paid?
5. What is the outstanding balance after 10 years of payments?

**Tip:** Making even small extra payments towards the principal each month can significantly reduce the total interest paid over the life of a loan.

You can afford a $1700 per month mortgage payment. You've found a 30 year loan at 6% interest. How big of a loan can you afford? How much total money will you pay the loan company? How much of that money is interest?

Calculate how much loan you can afford with a $1700 monthly mortgage payment on a 30-year loan at 6% interest. Learn the total payment amount and interest paid over the loan's duration. Suitable for financial literacy learners.

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