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How big of a mortgage can I realistically afford?
You're biting off a lot. Let's say you can swing 5% for a down payment: $13k.  A 30-year loan on $247k at the rate you quote gives you a payment of $1,270 per month. This does not include taxes, insurance, or private mortgage insurance (which you'll pay because you have a down payment less than 20%).  The PMI will run you about $150-$200 per month, I think, until your loan-to-value ratio falls below 80%. Plus your HOA fee, utilities, your 401(k) loan payment, etc., you're pushing $2k/month. You have a roommate in mind, and that will help, but the roommate can go, and you still own the property.  Then you get the whole payment all to yourself. If I had the option, I'd rent a little longer.  Save up for a decent down payment, and shop around for someone who is desperate to sell.