Regarding the monthly payments, besides principle, interest, taxes, insurance, HOAs and Mello Roos, let’s not forget putting 20% down. That’s a lot of money to tie up. You’re not getting a second for 20% nowadays. If you don’t have the 20% down, some places will still give you a loan, like FHA. But anything less than 20% means PMI, so add that to your monthly payment.