Housing payments are typically composed of four items: Principal, Interest, Taxes, and Insurance (often called PITI). Many first time buyers are not aware of the big picture of the financial responsibility that is required when you own a home. Principal and Interest are linked together and are paid to the bank on a monthly basis. Taxes are due twice a year, and insurance is typically an annual policy. However, many borrowers opt to set aside money monthly in an "impound" or "escrow" account. This way they accumulate money to pay the taxes and insurance rather than having to come up with a lump sum when the obligations come due.
As for qualifying, there are four basic areas that the bank looks at: Credit Scores, Loan-To-Value, Debt-To-Income Ratio, and Assets/Reserves. This is a bit of an oversimplification, but in your case, assuming that you have reasonably good credit, have minimal existing debt, and plan to put down at least 10%, you should qualify with no problem.
There are certain details and specifics which could come into play. For example, if you borrow more than 80% of the value of the home, you will be required to also pay mortgage insurance on top of the PITI mentioned in the first paragraph. It is a good idea to consult with a mortgage broker who can guide you as to the specifics of your situation.
I hope that helps and good luck!