You will not save any money in the short term. As a matter of fact, in the short term it will cost you a *LOT* more money. Just the principal and interest on a $230,000 loan at 6% interest (assuming you have pretty darn good credit) would give you a payment of $1379. Depending upon where you are real estate taxes are between 0.5% and 4% of your home value per year (let's assume 1.5% for $3750 per year or another $313 per month). Depending upon where you live insurance could be $400-$2000 per year (let's guess about $600 or another $50 per month). PMI is variable, but let's estimate $100 a month for right now. Your payment is up to a whopping $1842 per month. Live somewhere there is a homeowner's association (condos are awful for this) and there will be another monthly fee, anywhere from $10-$300 a month.
Taxes go up every year, so your mortgage payment will go up a little every year.
The tax break may or may not help you out and it is certainly IS NOT a good deal. The best possible deal from a tax perspective will be year 1 when you pay the most interest. I'll assume you are single as it helps single people more than married people. In the first year of your mortgage you will spend $13723 in interest (awful, isn't it?). You will also pay real estate taxes that we estimated at $3750 per year. That means you will have $17473 of expenses related to your home that are deductible. Sounds pretty good to take this off of your taxable income, right? Not so fast... You would have qualified for the standard deduction of $5450 anyway, so you only save on the amount above and beyond the $5450 (this is why married people get hit more here as the married filing jointly deduction is $10900). So you can deduct $12023 on your itemized deductions. As a single person with a $50,000 income you are in the 25% tax bracket so the amount you save on taxes is 25% of the $12023 or $3006. You spent $17473 to save $3006. Not such a great deal, is it?
Now you will pay closing costs on both ends of the buying and selling transaction. You have to pay a mortgage origination fee, a title search, etc. Expect to pay almost 3% of the cost of the home in closing costs. On the selling side it's worse as you have to pay the realtor's commission of ~6%.
If the home price doesn't appreciate in 5 years you will be out almost 10% of the value that you paid in closing costs. If the value of the home goes down, you're hosed.
Now you might wonder why anyone buys at all...
There are advantages. If you catch an appreciating market you make the money! If you want to paint the walls chartruese and violet, you can. The biggest one is locking in the lower payment. If you looked at housing 10 years ago or 20 years ago or 30 years ago, you would see that locking in that payment (even though higher than equivalent rent at the time) is advantageous. You also build equity. After 30 years you own the house. Whatever it's value on the day you pay it off, you own it all. Equity builds slowly, as early on the interest is the primary portion of the payment (the initial payment on that mortgage was 151 of principal and 1228 of interest). The point at which it is half interest and half principal doesn't happen until year 22 on a 30 year mortgage.
ps - don't buy a house as a short term deal (< 5 years) it won't work financially in your favor...