As many people are finding out right now, there is a difference between what a lender will give you for a home mortgage, and what you can actually afford. Before taking the plunge, it is a good idea to look at what financial guru Suze Orman suggests.

Orman suggests that you need to not go by just what you think your monthly payment on a home loan would be. She has a 45% rule. That is, if you want to get into a house payment that is roughly equal to what you are paying in rent, you should realize that the costs of home ownership will actually boost that number by 45%. So, if you pay $800 in rent, and you think that’s what you can afford for a home mortgage payment, you need to add $360 to that. Your real home ownership number will be closer to $1160 per month.

Now it’s time to see if you can afford that house. Orman recommends opening a new savings account and doing the following: Each month, on the very first day, put the extra amount (in this case $360) into the account. If after six months of doing this you can make the extra "payments," you can probably afford the house. And you’ll have some extra cash to put toward the down payment.

Here’s an interesting house payment calculator to help you determine if you can afford a house payment.

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financial goals, afford house payment, home loan, home mortgage