I can afford a condo...?

Thinking about all the unfortunate downsides of roommates and the ordeals I've had to under-go since i moved out and embraced the "real world," I got to thinking... What if I make it through the end of this lease... and embarked solo. Oh the sanity...

So i popped onto the California First Time homebuyers website and plugged in some numbers and found out how much the govenment says i can have for a loan... then i hit up red fin.

There's a one bedroom, 700 square foot condo in a desirable area on the market for 159,900.00. Using that figure, these are the requirements for the Calf. FHB:

• Interest Rate 7.0%
• Down payment 3.00% = $4,797.00
• Closing costs (assuming 2%)= $3,000.00
• Money needed to purchase... $7,797.00------ which i'll have by January 1st in excess.

Then I went back to the property to start looking at the other fees involved with homeownership. Monthly dues

• HOA # 1= $218
• HOA #2= $46.00
• Property taxes= $305.00
• Mortage= $1,032.00
• Homeowners Insurance= $50.00 (plugged the actual address and looked up data like how far it was away from a fire station.... so its pretty accurate.)
• P.M.I =$134.42 (used a basic calculator online)

Then I plugged in my other expenses:

• Laundry $20.00
• Food $140.00
• gas and car $100.00
• Ebill $45.00
• Water bill $50.00
• Cell: $55
• Fun: $75.00
• Savings: $107.98

That's my exact take home pay right now ($2,378.40)... not with the 6% "retro raise" or my 4% raise in January... That's with me claiming zero on all my checks for FED and State.

Am I missing something, or would this be a probable and possible solution to further housing woes... ???

Each month I'll run the stats again as my house downpayment grows above the needed income... But I think I may call the association and ask to see their monthly meeting minuets and see how the other properties in the complex are fairing.