/biz/ - Business & Finance

-----THIS IS AN UNSCHEDULED INTERRUPTION TO YOUR REGULAR CRYPTO PROGRAMMING-----

So I am looking to buy my first (hopefully only) home.
I am 24 years old, I have $40k in the bank, and no debt. I earn $20k a year after taxes and benefits and shit.
My home/utilities and food will be my only major continuous expenses. I walk to work, no kids, no pets, etc.

The home I am looking at is $78k. It is a good price for the size and area.

What I have worked out is a $20k down payment and keep the rest in savings just in case. My mortgage would be $58,000.
Assuming a 15 year mortgage with a fixed interest rate of 5%, the home itself would cost me $460 a month, which is a bit over half of my current rent.
Utilities and homeowners insurance are currently unknowns, but I don't think the total of mortgage, utilities, and insurance would exceed $800 a month, which is about half my monthly income - and I would actually own something instead of throwing money into a void with rent.
If my estimations are correct, I would be spending a bit less than I do now, but will be taking on the responsibility of ownership.

So tell me, /biz/, does my math add up?
Am I on the right track? Am I being retarded?

I haven't started any of the process yet. What traps and scams should Iook out for?